By Sheri Kasprzak
Atlanta, April 29 - Mint Technology Corp. said it has arranged a private placement for C$2.5 million.
The company plans to sell 6.25 million units at C$0.40 each.
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.
Northern Securities Inc. is the placement agent in the offering, which is expected to close May 30. Northern has an over-allotment option for up to 3.75 million additional units.
As a condition of the private placement, the company must convert its outstanding debentures, totaling C$2 million plus interest.
In other news, Mint said it has cancelled its previously announced C$7 million private placement arranged with Desjardins Securities Inc. Based in Toronto, Mint develops electronic transactions for financial payments.
| Issuer: | Mint Technology Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.5 million
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| Greenshoe: | 3.75 million units
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| Units: | 6.25 million
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Placement agent: | Northern Securities Inc.
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| Pricing date: | April 28
|
| Settlement date: | May 30
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| Stock price: | C$0.45 at close April 28
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