Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

May 26, 2011 11:44 ET

Mint Completes Private Placement

TORONTO, ONTARIO--(Marketwire - May 26, 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 the first drawdown of the $6,000,000 private placement announced on March 24, 2011. A brokered private placement of units (the "Units") for gross proceeds of $3,100,000 (the "Offering") closed on May 25, 2011. Under the Offering, Mint issued 24,800,000 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.

$2,200,000 out of the closing proceeds, and 17,600,000 of the Units, have been placed in escrow and will be released upon closing of the purchase of the prepaid card portfolio disclosed by Mint in its press release of May 19, 2011 (the "Acquisition"). That closing is expected to occur on or about June 15, 2011. If that closing has not occurred prior to June 30, 2011, the escrowed portion of the private placement may be cancelled.

The net proceeds of the Offering will be used for the Acquisition, general working capital purposes and operating capital in Mint's Middle East business unit in the United Arab Emirates.

Tera Capital Corporation acted as agent in connection with this Offering. The agent was paid a cash fee equal to 5% of the gross proceeds of the Offering. The agent also received 1,240,000 compensation warrants (the "Compensation Warrants") which entitle the agent to acquire that number of Units which is equal to 5% of the Units issued in the Offering. Those warrants are exercisable for a price of $0.125 each 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 cash fee and the Compensation Warrants have been pro rated between the escrowed portion of the Offering and the portion not subject to escrow. The escrowed portion of the agent fees and the 880,000 Compensation Warrants placed in escrow will only be release upon satisfaction of the escrow conditions.

The securities issued in this Offering are subject to a four month hold period which expires on September 26, 2011. Following completion of this Offering, there are approximately 112,949,996 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. 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.

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.

Contact Information