Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

March 24, 2011 16:41 ET

Mint Technology Corp. Announces Proposed Investment by TerraNova Partners and Others

TORONTO, ONTARIO--(Marketwire - March 24, 2011) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announces that it has entered into a Term Sheet for the investment of $3 million by TerraNova Partners LP II as Lead Investor under a proposed $6 million private placement of units at $0.125 each. Each unit is to consist of one common share and one common share purchase warrant. Each common share purchase warrant is to be exercisable for one common share for $0.15 within 24 months following closing. 

Proceeds from the private placement will be used to purchase the minority interest in Mint Middle East LLC (announced on March 9, 2011), for the possible acquisition of a prepaid card portfolio in the Middle East and for growth and working capital including expansion of the Company's business to Qatar and the Kingdom of Jordan.

The TerraNova investment is conditional upon (a) the raising of an additional $3 million to complete the $6 million private placement, (b) completion of the re-organization of Mint Middle East LLC as disclosed in two press releases on March 9, 2011, (c) completion of a satisfactory due diligence review, (d) a reconstitution of the Mint board of directors to be composed of 3 current directors, 2 directors designated by TerraNova and 2 independent directors proposed by TerraNova and agreed to by Mint management, and (e) the receipt of all required shareholder and regulatory approvals.

TerraNova and Mint will also enter into an Advisory Services Agreement where TerraNova and its principals will provide financial and operational advice and assistance to Mint.

The private placement is expected to be completed no later than April 26, 2011, the date currently scheduled for the special meeting of shareholders to consider matters related to the re-organization of Mint Middle East LLC, among other matters.

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.

ABOUT TERRANOVA PARTNERS

TerraNova Partners is a multi-disciplined and diversified investment fund focused primarily on private and strategic public equity investments. TerraNova Partners takes a hands-on approach to investing in private and public companies at various stages of development where it can add value and partner with an existing motivated and committed management team. TerraNova Partners makes investments through its fund, and in certain circumstances, invests alongside one of its many investment partners. 

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

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 closing of the private placement, the timing of that closing and the anticipated use of proceeds. 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 acquisition could be delayed or fail to proceed if any of the conditions of the private placement describe in this news release are delayed or not satisfied. The intended use of the proceeds of the private placement by Mint might change if Mint determines that it would be in the best interests of Mint to use the proceeds for some other purpose. 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 and TerraNova 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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