Mint Announses Further Series 4 Debenture Closing
(Not for distribution to the U.S. news wire service or for dissemination in the U.S.)
Toronto, February 24, 2012 - The Mint Corporation. (“Mint or the Corporation”)(TSX-V: MIT-V) announced that it has completed the issuance of $750,000 of debt through a private placement of secured interest bearing debentures (the “Debenture(s)”) which was conditionally approved by the Toronto Stock Exchange on February 15, 2012, for a maximum issue of $2,000,000, known as Series 4.
A $650,000 investment was made through various funds sub-advised by Portland Investment Counsel Inc. (“Portland”) (Executive Chairman, Chief Executive Officer and Chief Investment Officer, Michael LeeChin, the Corporation’s largest shareholder). The remaining CAD$100,000 investment was made by a private investor. No agent fees were made in connection with these investments.
The Debenture interest rate is 12% payable quarterly in arrears together with 1.4 bonus shares of Mint for every CAD$1.00 of Debenture issued. The Debentures are due and payable on February 13, 2014. Mint may prepay all or any part of the principal outstanding at any time, without notice or bonus. There will be one or more closings occurring in regards to this issuance with the first closing having been completed on February 15, 2012. Each Debenture will be secured against all of Mint’s undertakings and business and all of its property and assets, both present and future by a General Security Agreement (“GSA”). Funds will be used to fund working capital and operating expenses necessary to launch Mint Qatar LLC and for working capital purposes.
Executive Chairman, Chris Hogg said today, “It is our intention that this Series 4 Debenture issue will be the last Debenture raise Mint has for some time. With the funds raised through this placement, it will allow us to complete the process of launching Mint Qatar LLC and as per our press release on February 14, 2012, with these funds allocated to the business commencement we are confident of reaching our target of 96,000 new payroll cards in Qatar by year end 2012.”
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended.
Forward Looking Statements
TCertain statements in this news release constitute “forward-looking” statements. These statements relate to future events or our future performance. Forward-looking statements include signing 96,000 new payroll cards through Mint Qatar in fiscal 2012. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks the amount of cards issued through Mint Qatar for fiscal 2012 could vary from projections. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
About The Mint Corporation
Established in 2004, Mint is the world’s first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Money, a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 7 offices in UAE (2), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange TSX: MIT-V.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For additional information please visit www.mintinc.com or contact: The Mint Corporation.
Head of Compliance and Investor Relations