By Sheri Kasprzak
Atlanta, June 1 - Mint Technology Corp. has closed a private placement for C$2,509,000.
Separately, the company said its chief financial officer, Warren Shultz, has resigned.
The company sold a total of 6,272,500 units at C$0.40 each, a total of 22,500 of which were sold under an over-allotment option granted to placement agent Northern Securities Inc.
Northern may still exercise the remainder of its over-allotment option for up to 3,727,500 additional units for 60 days after closing.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.50 each for two years.
As a condition of the private placement, the company has cancelled its outstanding debentures, totaling C$2 million plus interest.
Toronto-based Mint develops electronic transactions for financial payments.
| Issuer: | Mint Technology Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,509,000
|
| Units: | 6,272,500 (includes greenshoe for 22,500)
|
| Greenshoe: | For an additional 3,727,500 units, exercisable for 60 days
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Placement agent: | Northern Securities Inc.
|
| Pricing date: | April 28
|
| Settlement date: | May 31
|
| Stock price: | C$0.45 at close April 28
|
| Stock price: | C$0.65 at close May 31
|
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