By Devika Patel
Knoxville, Tenn., Nov. 8 - Mint Technology Corp. has negotiated a C$6 million non-brokered private placement of units.
The company will sell units at C$0.09 per unit. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.14 for one year.
The warrants may expire sooner if the average closing price of Mint's shares is more than C$0.30 for 30 consecutive days. In that case, the warrants will expire 30 days after the company notifies holders.
Mint will pay an 8% cash finder's fee for this placement, which is expected to close on Dec. 17.
Proceeds will be used for working capital purposes in Canada and to implement a prepaid credit card program in Europe.
Toronto-based Mint develops and markets prepaid credit cards.
| Issuer: | Mint Technology Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Price: | C$0.09
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.14
|
| Agent: | Non-brokered
|
| Fees: | 8% in cash
|
| Pricing date: | Nov. 8
|
| Settlement date: | Dec. 17
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.075 at close Nov. 7
|
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