Offer will help repay short-term debt, establish a presence in Jordan
By Devika Patel
Knoxville, Tenn., Jan. 26 - Mint Technology Corp. said it has settled an initial tranche of a private placement of secured debentures, which has also been increased. The deal priced for $1.5 million on Dec. 16 and will now raise $1.7 million with a $200,000 oversubscription allotment. The offering is being managed by Global Arena Capital Corp., and Mint raised $1.335 million in the first tranche.
The 12% debentures have a two-year term, maturing on Jan. 25, 2013. Interest is payable quarterly in arrears along with two bonus shares for every $1.00 of debt.
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: | $1.7 million
|
| Greenshoe: | $200,000
|
| Maturity: | Jan. 25, 2013
|
| 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: | Jan. 26 (for $1,335,000)
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.07 at close Nov. 15
|
| Market capitalization: | C$5.81 million
|
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