Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

June 06, 2013 09:44 ET

Mint Announces Terms of Share Consolidation

TORONTO, ONTARIO--(Marketwired - June 6, 2013) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company") today announced the proposed consolidation of its issued and outstanding common shares (the "Shares") on the basis of ten pre-consolidation Shares for every one post-consolidation Share (the "Consolidation"). The proposed Consolidation is subject to the approval of the Company's shareholders and the TSX Venture Exchange. Shareholders will be asked to approve the Consolidation at the annual and special meeting of shareholders to be held on June 27, 2013 (the "Meeting"). Additional information regarding the proposed Consolidation is available in the Company's management information circular which will be mailed to Mint shareholders in connection with the Meeting and made available on SEDAR under the Company's profile at www.sedar.com. The Consolidation is a term of the proposed private placement of subscription receipts first announced on April 9, 2013 which in part summarized a significant financing of the issuance of a minimum amount of C$20,000,000 and a maximum amount of C$40,000,000 maturing on or before 6 years from Closing. The Interest rate will be set and reset subject to certain business performance hurdles to a minimum of 12% and a maximum of 25% over the 6 year period. Interest for the first 24 months from the Date of issue of the Series X Debenture will be compounded and added to the principal on a quarterly basis.

The Shares are trading at approximately $0.06. Under the rules of the TSX Venture Exchange, Mint cannot conduct a private placement of common shares at less than $0.010 per share, except in special circumstances. The Consolidation is intended to provide the Company with a capital structure that is appropriate for future financing transactions. Mint also believes that some potential investors in the Shares are deterred by the low price at which the Shares currently trade.

Mint has 267,949,354 common shares issued and outstanding. If the Consolidation is implemented at the one-for-ten ratio, the Company will have approximately 26,794,935 post-Consolidation Shares issued and outstanding, subject to the treatment of any fractional post- Consolidation Shares.

The Company will also be changing its name in connection with the Consolidation to The Mint Corporation.

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 expectations and assumptions concerning receipt of required shareholder and regulatory 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, including the risk that required shareholder and regulatory approvals are not satisfied. 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. 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.

ABOUT MINT TECHNOLOGY CORP

Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 98 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.

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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