By Devika Patel
Knoxville, Tenn., July 15 - Mint Technology Corp. said it raised C$520,000 in the initial tranche of C$1 million non-brokered private placement of units. The deal priced June 24.
The company plans to sell a total of 5 million units at C$0.20 apiece. It sold 2.6 million units in this tranche.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.35 until July 15, 2009.
Proceeds will be used to help Mint execute the next phase of its business plan.
Toronto-based Mint develops and markets prepaid credit cards.
| Issuer: | Mint Technology Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | July 15, 2009
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | June 24
|
| Settlement date: | July 15 (for C$520,000)
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.17 at close June 24
|
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