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TORONTO, Oct. 27 /CNW/ - Mint Technology Corp. (Mint) (TSX: MIT-V)
announced that it intends to raise $400,000 through the issuance of secured
promissory notes, together with 400,000 bonus common shares, by way of a
non-brokered private placement. The company has received subscriptions for
$350,000 from investors that acquired control of the company in March 2008.
The proceeds will be used for working capital purposes, to pay accounts
payable, to fund the expansion of Mint's platform and to support new contracts
recently announced. The private placement is expected to close on October 31,
The notes will become due and payable on April 30, 2009. One bonus common
share will be issued for every $1.00 principal amount under the notes as
interest for the loan. The bonus shares will have a deemed price of $0.12 per
The notes are intended to be bridge loans, while Mint arranges additional
financing. The notes will be repaid out of the proceeds of that additional
financing. Mint has been in discussions with potential subscribers for a
private placement of common shares but those potential investors have
indicated that they will not be able to make a commitment until later this
year. Mint also hopes that its shares will have a higher market valuation
later in the year, thereby reducing dilution to existing shareholders.
The private placement is subject to TSX Venture Exchange approval.
ABOUT MINT TECHNOLOGY CORP.
Through its wholly owned subsidiaries, Mint is a leading payment
solutions company. With 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.
For further information:
For further information: please visit www.mintinc.com or contact: Mint
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