Offer will help repay short-term debt, establish a presence in Jordan
By Devika Patel
Knoxville, Tenn., Dec. 16 - Mint Technology Corp. said it has negotiated a private placement of secured debentures. The $1.5 million deal has a $200,000 oversubscription allotment and is being managed by Global Arena Capital Corp. The company has already secured $500,000 in commitments.
The 12% debentures have a two-year term, maturing on Dec. 20, 2012. Interest is payable quarterly in arrears along with two bonus shares for every $1.00 of debt.
Settlement is expected Dec. 31.
Proceeds will be used for general working capital, to repay all short-term debt and to pursue additional business opportunities, including establishing a presence in the Kingdom of Jordan and the Levant region.
Toronto-based Mint develops and markets prepaid credit cards.
| Issuer: | Mint Technology Corp.
|
| Issue: | Secured debentures
|
| Amount: | $1.5 million
|
| Greenshoe: | $200,000
|
| Maturity: | Dec. 20, 2012
|
| Coupon: | 12%, plus two bonus shares for every $1.00 of debt
|
| Price: | Par
|
| Yield: | 12%, plus two bonus shares for every $1.00 of debt
|
| Warrants: | No
|
| Agent: | Global Arena Capital Corp.
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 31
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.07 at close Nov. 15
|
| Market capitalization: | C$4.84 million
|
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