|
|
|
News for Mint Technology Corp. |
|
Breaking
News
Mint Completes Private Placement of
$4.5 Million
09:30 EST Friday, December 01, 2006
FSC / Press Release
Mint Completes Private Placement of $4.5 Million
Toronto, Ontario CANADA, December 01, 2006 /FSC/ - Mint Technology
Corp. (MIT - TSX Venture), a payment solutions company, announced today
that it has completed an unbrokered private placement for gross
proceeds of $2,986,450. Pursuant to the private placement, Mint issued
42,663,573 units at $0.07 per unit, each unit consisting 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 $0.14 for a period of 12 months from closing. If the weighted
average trading price of the common shares is over $0.30 per share for
a period of 30 consecutive days at any time, the warrants must be
exercised within 20 business days of receiving written notice from Mint
or they will terminate.
This is the second and final closing in relation to the proposed
private placement announced by Mint on September 12, 2006, resulting in
aggregate proceeds of $4.5 million. The warrants forming part of the
units are non-transferable. The common shares forming part of the
units, and any shares issued upon exercise of the warrants, are subject
to a four-month hold period which expires on April 1, 2007.
Mint also announced that it has today completed the exchange of
$4,831,480 owing under its secured credit facility, including accrued
interest. The lenders received a total of 36,358,688 common shares
issued at $0.07 per shares and 32,662,466 special warrants issued at
$0.07 per special warrant. Each special warrant is non-voting and
entitles the holder to receive one common share of Mint for no
additional consideration upon the occurrence of certain events. Avenue
Investments LP received 27,816,466 common shares and 32,662,466 special
warrants, representing 19.99% of the outstanding common shares and 100%
of the special warrants following completion of the completion of the
issuances referred to in this release.
The special warrants will automatically be exercised for common shares
on a one-for-one basis if the shareholders of Mint approve Avenue
Investments LP as a Control Person under the policies of the TSX
Venture Exchange. Mint intends to include this matter as an item of
business at the annual meeting of shareholders to be held in January,
2007. Special warrants which are transferred by Avenue Investments LP
to an arms length third party approved by the TSX Venture Exchange will
automatically be exercised for common shares on a one-for-one basis. If
any special warrants remain unexercised on the first anniversary of
closing, Mint shall repurchase those unexercised special warrants for
$0.07 each.
The common shares and the special warrants issued in exchange for debt,
and any shares issued upon exercise of the special warrants, are
subject to a four month hold period which expires on April 1, 2007.
Following completion of the private placement, there are approximately
139,132,356 issued and outstanding common shares and 32,662,466 special
warrants of Mint.
"We are very pleased with the success of this fully subscribed
financing," says Frank Maduri, President and CEO of Mint Technology
Corp. "It is an endorsement by the investment community of Mint's new
direction and focus." Julie Dien Ledoux
-30-
For more information please contact:
Dean Thrasher
EVP Corporate Development
Mint Technology Corp.
Tel: 416.581.0001 ext. 241
Fax: 416.581.1527 (private)
About Mint Technology Corp.
Mint is a leading payment solutions company. Through its' payment
platform and prepaid credit card programs, Mint is the first in Canada
to facilitate and deploy prepaid credit cards with unique features such
as co-branding and loyalty programs, and new wireless payment
alternatives such as; contactless functionality. The company is
headquartered in Toronto, Ontario.
Forward-looking statements: Except for statements of historical fact,
all statements in this news release - including, without limitation,
statements regarding future plans and objectives, are forward-looking
statements that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those
anticipated in such statements.
The TSX venture exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. News wire services or for dissemination in
the U.S.
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
|
|
|
Overview