Mint Technology Corp.

Mint Technology Corp.

June 24, 2009 15:51 ET

Mint Announces Variation to Terms of Certain Agreements

TORONTO, ONTARIO--(Marketwire - June 24, 2009) -


Mint Technology Corp. (TSX VENTURE:MIT) announced today that it intends to extend the term of certain warrants which were issued on July 15, 2008 as part of units in a private placement. The expiry date of the warrants is to be extended by 12 months to July 15, 2010. There are 1,125,000 warrants outstanding, each entitling the holder to purchase one common share of Mint at $0.35.

On May 21, 2009, Mint announced that the holders of secured promissory notes due on April 30, 2009, totaling $635,000, had agreed to extend the repayment date until May 31, 2009 and that Mint would pay interest for the month of May by issuing 66,667 common shares. The holders of the secured promissory notes have agreed to further extend the repayment date until July 31, 2009. Mint has agreed to pay interest by issuing common shares to the holders of the secured promissory notes, subject to stock exchange approval and at the rate of 66,667 common shares per month or such other rate as is required to comply with TSX Venture Exchange policies.

On May 21, 2009, Mint announced that it was seeking approval from the TSX Venture Exchange to issue a total of $750,000 in convertible debentures described in that announcement. Mint had already received approval to issue up to $350,000 of debentures, of which $328,000 have been issued. Mint has applied for approval of $422,000 of additional debentures on the same terms as described in the May 21 news release but by way of a separate application to the Exchange.

Mint also announced that it is seeking approval from the Exchange to issue 250,000 common shares, and 250,000 common share purchase warrants, in payment for services provided to Mint by a consultant. The shares are to be issued at a deemed price of $0.10 each. Each warrant entitles the holder to purchase one common share of Mint for $0.10 within 2 years following the issuance of the warrant.

Mint announced that Brian Gordon and Frank Maduri have resigned as directors of the corporation. "We would like to thank Frank and Brian for the valuable contribution they made to this company" said Chris Hogg, CEO of Mint.

Mint is seeking approval from the TSX Venture Exchange to issue 100,000 warrants as compensation for services provided by Mr. Gordon. The warrants are to be exercisable for a period of three years at an exercise price of $0.15.


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 spending for the underserved, youth and employee payroll. Stock Symbol: MIT, TSX-V.

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