Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

October 05, 2010 17:43 ET

Mint Announces Second Closing of Private Placement and Loan

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2010) -

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Mint Technology Corp. (TSX VENTURE:MIT) announced today that it had agreed to an investment of $750,000 by Carta Solutions S.A., to be completed in two closings. A first closing for $550,000 was completed on July 6, 2010. Mint and Carta have agreed to complete the second closing for $200,000 upon receipt of stock exchange approval. Mint intends to issue 1,600,000 units to Carta at a price of $0.125 per unit, each unit consisting of one common share and 3/4ths of a common share purchase warrant. The warrant is exercisable for $0.15 per share at any time within two years following the closing.

Mint also announces that it intends to borrow $170,000 for working capital purposes, specifically to meet time sensitive conditions attached to the first drawdown of the previously announced Noor financing of its Middle East subsidiary. The loan will become due and payable on November 15, 2010 with interest calculated at 10% per annum and payable on the due date. Mint has agreed to pay the lender a commitment fee of $20,000 on the due date and to issue the lender 272,000 bonus common shares at the time of the loan advance. The loan will be secured against the assets of Mint. Integral Wealth Securities Limited acted as agent in connection with this loan and will receive 24,480 common shares as a fee. The bonus shares and agent's shares are subject to a four month hold period which expires on February 6, 2011.

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.

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