Proceeds fund cash component of ePAY acquisition
By Devika Patel
Knoxville, Tenn., June 8 - Mint Technology Corp. said it settled a C$5 million private placement of stock. Portfolio Strategies Securities Inc. was the agent.
The company sold 29,411,764 common shares at C$0.17 apiece, which is identical to the June 7 closing share price.
Proceeds will be used to satisfy the cash component of the company's planned acquisition of ePAY and for general working capital.
"This closing to a prominent Canadian institution today enables Mint to complete the acquisitions of ePAY, one of the UAE's largest mobile airtime top-up and merchant services businesses," executive chairman Chris R Hogg said in a press release.
"This is another step toward the completion of Mint's strategic plan of growing its fully integrated range of services throughout the region, the results and performance of which will accrue to the group's results immediately on completion on or before June 15th, 2012."
Mint Technology provides prepaid financial products and services and is based in Toronto.
| Issuer: | Mint Technology Corp.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 29,411,764
|
| Price: | C$0.17
|
| Warrants: | No
|
| Agent: | Portfolio Strategies Securities Inc.
|
| Settlement date: | June 8
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.17 at close June 7
|
| Market capitalization: | C$32.04 million
|
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