12% secured two-year debentures sold with common shares in offerings
By Devika Patel
Knoxville, Tenn., Sept. 11 - Mint Technology Corp. said it will conduct a C$5 million private placement of units. Of the proceeds, C$3.5 million will be raised through agent Portfolio Strategies Securities Inc. on a best-efforts basis, and the remaining $1 million will be sold on a non-brokered basis.
Each Canadian dollar unit is offered at C$1.00 and consists of C$1.00 of secured 12% debentures and 0.5 common shares. Each U.S. dollar unit is offered at $1.00 and consists of $1.00 of secured 12% debentures and 0.5 common shares. The debentures will mature in two years.
Proceeds will be used for working capital and, if required, to settle a portion of the purchase price for Speed Remit.
The company also said it has filed a preliminary prospectus for a public offering to raise between C$10 million and C$15 million by selling between 10,000 units and 15,000 units at C$1,000 per unit. Each unit consists of C$1,000 of secured 12% debentures and 400 common shares.
Mint Technology provides prepaid financial products and services and is based in Toronto.
| Issuer: | Mint Technology Corp.
|
| Issue: | Units of 12% secured debentures and 0.5 common shares
|
| Amount: | C$5 million
|
| Price: | C$1.00, $1.00
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Price: | Par of C$1.00 or par of $1.00
|
| Warrants: | No
|
| Agent: | Portfolio Strategies Securities Inc. (for C$3.5 million), non-brokered (for $1 million)
|
| Pricing date: | Sept. 11
|
| Stock symbol: | TSX Venture: MIT
|
| Stock price: | C$0.14 at close Sept. 10
|
| Market capitalization: | C$31.73 million
|
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