Company plans to raise C$6 million by selling units for C$0.125 each
By Angela McDaniels
Tacoma, Wash., May 26 - Mint Technology Corp. completed the first tranche of a C$6 million private placement of units that priced March 24. The company sold 24.8 million units for C$3.1 million.
The price is C$0.125 per unit. Each unit consists of a common share and one warrant. Each warrant is exercisable for one share at a price of C$0.15 until May 31, 2013.
The warrant strike price is a 57.89% premium over the company's C$0.095 closing share price on March 23.
Tera Capital Corp. is the agent.
TerraNova Partners LP II agreed to invest C$3 million.
The proceeds will be used to purchase a minority interest in Mint Middle East LLC, to acquire the prepaid card business of a payroll card services provider in the Middle East, for general working capital purposes and for operating capital in Mint's Middle East business unit in the United Arab Emirates.
The company said C$2.2 million of the proceeds from the first tranche have been placed in escrow and will be released when the prepaid card business acquisition closes, which is expected to occur on June 15. If the closing has not occurred prior to June 30, the escrowed portion of the private placement may be canceled.
Mint Technology provides prepaid financial products and services and is based in Toronto.
| Issuer: | Mint Technology Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6 million
|
| Units: | 48 million (24.8 million in first tranche)
|
| Price: | C$0.125
|
| Warrants: | One per unit
|
| Warrant expiration: | May 31, 2013
|
| Warrant strike price: | C$0.15
|
| Agent: | Tera Capital Corp.
|
| Pricing date: | March 24
|
| Settlement date: | May 25 for C$3.1 million
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.135 at close May 26
|
| Market capitalization: | C$11.9 million
|
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