NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, Ontario - November 6, 2012 - Mint Technology Corp. (TSX Venture: MIT) ("Mint" or the "Company") is pleased to announce that it has completed the private placement of USD$300,000 of secured 12% debentures on November 1, 2012, together with 150,000 loan bonus common shares of Mint to raise USD$300,000 (the "Private Placement"). The securities issued are subject to a hold period expiring on March 2, 2013.
Portfolio Strategies Securities Inc. (the "Agent") received a cash commission of $4,500 (1.5% of gross proceeds) and the Agent will be paid a commission in common shares of Mint (the "Agent's Shares") equal to 0.5% of the gross proceeds. The price per Agent's Share will be the greater of (A) the 45 day volume weighted average price of Mint's common shares on November 1, 2012, and (B) the minimum price permitted by the TSX Venture Exchange.
This closing is the third tranche of the private placement announced on September 11, 2012. Mint has raised a total of CAD$3,500,000 and USD$300,000 in the private placement.
The amount raised to date is USD$700,000 less than the maximum amount announced on September 11, 2012. Mint intends to apply for stock exchange approval to complete the issuance of that maximum amount on the same terms. A subscriber would receive USD$1.00 of secured 12% debentures, together with 0.5 common shares of Mint, for every USD$1.00 invested.
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 described herein 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.
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 issuance of additional securities up to the maximum amount of the private placement. 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, including the risk that the risk that the Company may not complete the full amount of the private placement. 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.
ABOUT MINT TECHNOLOGY CORP
Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.
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.
For additional information please visit www.mintinc.com or contact: Mint Technology Corp.
|Nabil Bader |Nicole Souadda |
|President & CEO |Head of Compliance and Investor Relations|
|Tel: +971 506457719 |Tel: 610-995-2655 |
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