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.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$6 million
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Price: | C$0.09
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.14
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Agent: | Non-brokered
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Fees: | 8% in cash
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Pricing date: | Nov. 8
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Settlement date: | Dec. 17
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Stock symbol: | TSX Venture: MIT
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Stock price: | C$0.075 at close Nov. 7
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