Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

March 01, 2011 16:54 ET

Mint Closes First Debenture Financing and Due to Investor Interest, Announces Second Long Term Debt Financing

TORONTO, ONTARIO--(Marketwire - March 1, 2011) -

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Mint Technology Corp. (TSX VENTURE:MIT) today announced that it has completed the first debenture financing announced on December 16, 2010. A total of $1,460,000 was raised through the issuance of $1,460,000 of debentures and 2,920,000 bonus common shares. In addition to the $1,335,000 announced on January 26, 2011, $100,000 of debentures and 200,000 of bonus common shares were issued with a hold period expiring on June 9, 2011 and $25,000 of debentures and 50,000 of common shares were issued with a hold period expiring on June 17, 2011. Mint has agreed to issue dealer warrants to purchase up to $102,200 of debentures (together with 2 bonus common shares for each $1.00 of debentures). Those warrants may be exercised within three years for $1.00 for every $1.00 of debenture purchased. The debentures issued under the dealer warrants will mature 2 years from the date the dealer warrants are exercised and otherwise these debentures will be the same as the debentures issued to investors.

Mint also announced today that it is seeking to raise a further $2,000,000 of debt financing with over subscriptions up to $2,500,000 through a private placement of secured interest bearing debentures (the "Debentures"). The Debenture interest rate is 12% per annum payable quarterly in arrears. Investors will receive two bonus common shares of Mint for every $1.00 of Debenture purchased. The Debentures are due and payable on March 23, 2013. Mint may prepay all or any part of the principal outstanding at any time, without notice or bonus. The financing is expected to be completed in one or more closings occurring on or before March 23, 2011, subject to extension by Mint. Each Debenture will be secured against all of Mint's business and assets. The security granted to the Debenture holders shall rank equally with each other.

Dealers who introduce investors to Mint will receive (i) a 7% cash commission or, at the agent's election, a warrant to purchase that number of common shares which is equal to the cash commission divided by $0.15 (exercisable for two years from the first closing of the Offering at an exercise price of $0.15), and (ii) a non-transferable dealer warrant to purchase a debenture (including 2 bonus common shares for every $1.00 of debenture purchased under the warrants) equal to 7% of the Debentures sold to introduced investors. The dealer warrants will be exercisable for 3 years following closing at $1.00 for every $1.00 of debenture purchased. The debentures purchased under the warrants will become due two years following issuance and they will bear interest at 12% per annum payable quarterly in arrears.

Mint will use the funds raised in this financing for general working capital purposes, to complete the repayment of short term debt and to pursue possible acquisitions. The private placement is subject to TSX Venture Exchange approval.

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.

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 timing of closing the offering, the anticipated use of proceeds and the receipt of the required 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. 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. In addition to other risks, the closing of the offering could be delayed if Mint is not able to obtain necessary approvals when planned and the offering will not be completed at all if approvals are not obtained or some other condition to the closing is not satisfied. 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.

For additional information please visit www.mintinc.com.

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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