Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

December 16, 2010 17:33 ET

Mint Announces Long Term Debt Financing to Replace Short Term Obligations

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) -

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Mint Technology Corp. (TSX VENTURE:MIT) today announced that it is seeking to raise up to US$1,500,000 (with oversubscriptions accepted up to US$1,700,000) of debt financing through a private placement of secured interest bearing debentures (the "Debentures"). Mint has signed an Agreement to manage this placement with Global Arena Capital Corp; a New York based Broker/Dealer and Investment Bank. The Debenture Interest rate is 12% payable quarterly in arrears together with two common bonus shares of Mint for every US$1.00 of Debenture issued. The Debentures are due and payable on December 20, 2012. Mint may prepay all or any part of the principal outstanding at any time, without notice or bonus.

There will be one or more closings occurring on or before December 31st, 2010, and Mint has already secured commitments totaling $500,000 meeting the placement minimum. Each Debenture will be secured against all of Mint's undertakings and business and all of its property and assets, both present and future. The security interest granted to the Debenture holders shall rank equally with each other.

Mint, CEO, Chris Hogg said today, "This is a big step forward and a vote of confidence in Mint which, together with our recently announced equity raise in the Middle East, positions the Company to grow rapidly with a stable Balance Sheet and working capital to continue to roll out our growth plan in Emerging Markets, just at a time that we are operationally cash positive".

The Corporation will use the funds for general working capital purposes, to repay all short term debt and to pursue additional business opportunities including establishment of a presence in the Kingdom of Jordan and the Levant region. Purchasers of the Debentures will need to be "accredited investors" as that term is defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933, as amended. The private placement is subject to regulatory approval and TSX Venture Exchange approval.

ABOUT MINT TECHNOLOGY CORP

Mint Technology Corp. is a pioneer in prepaid financial products and services and is Canada's first provider of prepaid credit card programs. As a MasterCard® Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage financial transactions. Mint also provides services for those clients looking to move towards 'next generation' payment methods that include chip, internet, data mining and mobile phone load and remittance technologies. Mint's prepaid card products include general spend for the underserved, youth and employee payroll. Stock Symbol: MIT on the TSX Venture Exchange.

ABOUT GLOBAL ARENA CAPITAL CORP

Global Arena Capital Corp provides merchant banking, investment banking and corporate syndicate services to corporate clients as well as providing general business and strategic advisory services, financial consulting services, merger and acquisition advisory services, and assistance with corporate restructurings and turnarounds. Transactions include mezzanine and subordinated debt placements, senior debt placements, reverse-mergers, initial public offerings, expansion and secondary offerings, typically ranging from $3.0 million to $75.0 million per transaction.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include the timing of closing the offering, the anticipated use of proceeds and the receipt of the required approvals All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, the closing of the offering could be delayed if Mint is not able to obtain necessary approvals when planned and the offering will not be completed at all if approvals are not obtained or some other condition to the closing is not satisfied. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

For additional information please visit www.mintinc.com.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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