SOURCE: Mint Technology Corp.

June 01, 2005 08:00 ET

Mint Inc. Completes Financing

TORONTO -- (MARKET WIRE) -- June 1, 2005 -- Mint Technology Corp. (TSX-V: MIT), a payment solutions company, announced today that it has completed a private placement of units (the "Units"), resulting in gross proceeds of $2,509,000. Northern Securities Inc. acted as exclusive dealer for Mint on a bought deal basis.

Pursuant to the private placement, Mint issued 6,272,500 Units at an offering price of $0.40 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share for $0.50 for a period of 24 months from closing.

As a condition of the Offering, $2 million in outstanding debentures plus interest have been exchanged for Units, and cancelled, on the same terms as the private placement. In addition, Northern Securities was granted an over-allotment option which would entitle Northern Securities to acquire up to an additional 3,727,500 Units at the issue price that if exercised would represent an additional $1,491,000. This option may be exercised within sixty days of closing.

Northern Securities, as part of its remuneration, received an option to purchase 627,250 Units from Mint at a price of $0.40 per Unit until 24 months after the closing date. In addition, a cash commission of 9.0% of the aggregate gross proceeds of the Offering was paid to Northern Securities at closing.

The Units are subject to a four-month hold period which expires on October 1, 2005. Following completion of the private placement and the exchange of the debentures, there are approximately 34,865,000 issued and outstanding common shares of Mint (approximately 44,918,000 on a fully diluted basis).

On May 31, 2005 Warren Shultz, CFO of Mint, resigned from his duties at Mint and will stay on with the company for a 30-day transition period.

To find out more about Mint Technology Corp. (TSX-V: MIT), visit our website www.mintinc.com.

About Mint Technology Corp.

Mint is a leading payment solutions company that develops and markets new types of electronic payment applications in the financial sector. Through its payment platform, Mint facilitates and issues prepaid MasterCard® cards with unique features such as co-branding, Municipal Parking cards and new wireless payment alternatives such as; MasterCard cards with PayPass™ functionality and cell phone-based Parking. The company is headquartered in Toronto, Ontario. To find out more about Mint Technology Corp. (TSX-V: MIT), visit our website at www.mintinc.com.

Investors can visit http://www.agoracom.com and participate in the Mint Technology investor discussion and contact forum. Investors can also e-mail any questions directly, or request ongoing information by e-mail list at MIT@Agoracom.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may include statements about future events and/or financial statements that are forward looking in nature, subject to risks and uncertainties.

Contact Information

  • For further information contact:

    Dean Thrasher
    Executive Vice President, Corporate Development
    Mint Technology Corp.
    Phone: 416-581-0001
    Fax: 416-581-0006
    Email: Email Contact