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News for Mint Technology Corp. |
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Breaking
News
Mint Technology Corp. Announces
Financing of up to $4.5 Million
08:46 EDT Tuesday, September 12, 2006
Not For Distribution To U.S. News Wire Services Or For Dissemination In
The U.S.
FSC / Press Release
Mint Technology Corp. Announces Financing of up to $4.5 Million
Not For Distribution To U.S. News Wire Services Or For Dissemination In
The U.S.
Toronto, Ontario CANADA, September 12, 2006 /FSC/ - Mint Technology
Corp. (MIT - TSX Venture), announced today that the Company intends to
raise up to $4.5 million in a non-brokered Private Placement of Units
of the Company at a price of $0.07 per unit. Each Unit will consist of
one Common Share (the "Common Shares") and one-half of one
non-transferable share purchase warrant of the Company ("the
Warrants"). Each whole Warrant will entitle the holder to purchase one
Common Share at a price of $0.14 per share for a period of 12 months.
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 twenty business days of receiving
written notice from the Company or they will terminate. All securities
issued pursuant to the Private Placement will be subject to a four
month hold period.
The Company owes approximately $4.5 million under a secured credit
facility. The Company has reached agreement in principle with the
lenders under that credit facility to convert this debt into Common
Shares at a price of $0.07 per share, subject to formal documentation.
The debt will be converted into Common Shares upon the receipt of
shareholder approval in accordance with the rules of the TSX Venture
Exchange.
The net proceeds of the Private Placement will be used for general
working capital purposes. The closing of the Private Placement is
expected to be completed on or before the close of business, October
11, 2006. "This financing will provide us with the funding to continue
to maintain our leadership position in the prepaid credit card sector
in the Canadian marketplace," said Frank Maduri, president and CEO of
Mint Technology Corp., "Furthermore, we will continue to expand into
key market niches such as payroll and benefits cards and look towards
the international marketplace where prepaid credit cards are fast
becoming a very popular form of payment".
The Private Placement is subject to regulatory approval. All securities
issued pursuant to the Private Placement will be subject to the
applicable statutory, exchange and regulatory hold period.
-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.
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
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
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