Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

July 06, 2011 16:50 ET

Mint Closes Additional Funds Through Equity Placement

TORONTO, ONTARIO--(Marketwire - July 6, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Mint Technology Corp. (TSX VENTURE:MIT) announced today that it has completed a subsequent drawdown of the $6,000,000 private placement announced on March 24, 2011. Brokered and Non-brokered private placement of units (the "Units") for gross proceeds of $500,000, $322,000 and USD$100,000 (the "Closings") closed on June 14th, 23rd and 28th, 2011 respectively. Under the Closings, Mint issued 7,376,000 units at $0.125 per unit. Each Unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable for one common share at an exercise price of $0.15 on or before May 31, 2013.

The net proceeds of the Closings will be used for completing the acquisition of the card portfolio announced on May 19th, 2011 and general working capital purposes. These closings, in conjunction with previously announced closings, bring the current total of the $6,000,000 placement to approximately $4,773,365. The receipt of the subscription agreements for these closings was previously announced on June 14, 2011. The Company has received further subscription agreements which it intends to close in the next few business days which in conjunction with the recent announcement on March 25, 2011 of the insider investment of USD$1,000,000 by Maher Kaddoura, will oversubscribe the Company's equity raise goal of $6,000,000 to approximately $6,300,000.

Tera Capital Corporation acted as agent in connection with $175,000 of the closing on June 24, 2011 and Raymond James acted as broker in connection with $50,000 of the closing on June 24, 2011. Tera Capital Corporation was paid a cash fee of $8,750 in conjunction with the closing as well as 50,000 compensation warrants. Raymond James was paid a cash fee of $2,500 in conjunction with the closing as well as 20,000 compensation warrants. Each compensation warrant entitles the holder to acquire one Unit for a price of $0.125 at any time until May 31, 2013. The Units issued to the agent are on the same terms as the Units issued under the Offering.

The securities issued in the Closings are subject to a hold period which expires on October 15, 2011 (as to 4,000,000 Units), October 24, 2011 (as to 2,576,000 Units) and October 28, 2011 (as to 800,000 Units). Following completion of the Closings, there are approximately 126,336,116 issued and outstanding common shares of Mint.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to a "U.S. Persons" as such term is defined in Regulation S under the U.S. Securities Act unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.

ABOUT MINT TECHNOLOGY CORP

Mint Technology Corp. is a pioneer in prepaid financial products and services and was Canada's first provider of prepaid credit card programs. Today, Mint, through its subsidiary Mint Middle East LLC based in Dubai, UAE, designs, builds and manages an end-to-end card based payments solution for employers and employees for the payment of wages and benefits. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage these 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 money remittance technologies.

Stock Symbol: MIT on the TSX Venture Exchange.

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 purchase of the prepaid card portfolio referred to above and the further subscription agreements received which have not yet closed or been conditionally approved by the TSX Venture Exchange. 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. 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.

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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