Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

May 21, 2009 14:35 ET

Mint Announces Two Private Placements

TORONTO, ONTARIO--(Marketwire - May 21, 2009) - Mint Technology Corp. (TSX VENTURE:MIT) announced today that it has completed a private placement of $308,000 of convertible debentures out of a total private placement of $350,000 previously announced and that further approval is being sought from the TSX for a total of $750,000 to be placed under this debenture issue.

The debentures are unsecured and bear interest at 13.25% per annum, payable semi-annually in advance. The debentures become due on March 31, 2011. The debentures are convertible into units at a conversion price of $0.12 per unit. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share at a price of $0.16 on or before March 31, 2011. The securities issued in this private placement, and any securities issued upon exercise of the debentures, are subject to a hold period which expires on August 30, 2009 (as to $105,000 of debentures), September 7, 2009 (as to $96,000 of debentures), September 13, 2009 (as to $64,000 of debentures) and September 22, 2009 (as to $38,000 of debentures).

Mint has issued 151,500 warrants to a dealer representing the subscribers in the private placement of debentures. Those warrants are exercisable for units at $0.12 per unit until March 31, 2011. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable at $0.16 until March 31, 2011.

Mint also announced today that it intends to complete another private placement for $585,000 to certain directors and shareholders of Mint, by issuing units at $0.075 each. Each unit will consist of one common share and one common share purchase warrant. The common share purchase warrants will be exercisable for 36 months at $0.12 per share. Completion of this private placement is subject to regulatory approval and certain conditions precedent.

Mint also announced that the holders of secured promissory notes due on April 30, 2009, totaling $635,000, have agreed to extend the repayment date until May 31, 2009. In consideration of this extension, Mint has agreed to pay interest for the month of May by issuing a total of 66,667 common shares to the holders of the secured promissory notes, subject to stock exchange approval.

ABOUT MINT TECHNOLOGY CORP.

Mint Technology Corp. ("Mint") 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, TSX-V.

For additional information please visit www.mintinc.com.

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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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