MIT The Mint Corporation

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

The Mint Corporation (TSX VENTURE:MIT) ("Mint" or the "Company") announced today
that it has completed the issuance of $5,501,000 of debentures (the "Series B
Debentures") and 7,106,041 of warrants (the "Warrants"), in exchange for
$7,003,906 of previously issued debentures of Mint (the "Old Debentures"). The
issuance of Series B Debentures and Warrants occurred on a non-brokered private
placement basis.


For every $1,250 of Old Debentures exchanged, a holder of Old Debentures
received (i) $1,000 principal amount of Series B Debentures, plus (ii) 1,250
common share purchase warrants (the "Warrants"). Old Debentures were valued at
the amount of principal and interest owing under those debentures on the date of
closing.


The Series B Debentures have a term of 3 years; provided that the term of the
Series B Debentures may be extended for another 2 years at the option of the
Company. Interest on the Series B Debentures is at the rate of 2% per annum
during the three years of the original term; provided that the Company will pay
bonus interest on the last day of the 3rd year equal to 30% of the principal
amount. If the term of the Series B Debentures is extended, interest shall be at
the rate of 12% per annum during years 4 and 5 of that term. The Company shall
pay interest quarterly in arrears on the principal amount outstanding. The
Company may, at the time of any quarterly interest payment, prepay all or any
portion of the principal outstanding on the Series B Debentures; provided that
at the time of prepayment the Company shall pay an interest bonus equal to (i)
the interest payments which would have been received on that prepaid principal
amount if the interest rate on the Series B Debentures had been 12% per annum
throughout the period preceding redemption, minus (ii) the interest payments
actually received in respect of that prepaid amount.


The Series B Debentures were issued under a trust indenture, with Equity
Financial Trust Company acting as trustee, and they were secured by a security
interest on all of the undertaking, property and assets of the Company, both
present and future (the "Canadian Assets"); and a security interest on all of
the undertaking, property and assets of Mint Middle East LLC, both present and
future (the "MME Assets"). The security for the Series B Debentures will rank
behind the security for the Series A Debentures which are to be issued upon the
release from escrow of funds received in the subscription receipt offering of
the Company (the first closing of which was described in the Company's press
release of January 8, 2014). With respect to the Canadian Assets, the Series B
Debentures will also rank behind any Old Debentures which are not exchanged for
Series B Debentures and Warrants.


Each Warrant is exercisable for one common share of the Company at any time
during the 3 years ending March 7, 2014 at an exercise price of $0.25. The
Series B Debentures and the Warrants are subject to a hold period expiring on
July 8, 2014.


There may be a further closing of Series B Debentures and Warrants in exchange
for Old Debentures, on the terms set out above. That closing will depend on
whether additional holders of Old Debentures agree to exchange their Old
Debentures. The further closing could result in the issuance of up to
approximately $2.5 million of Series B Debentures and approximately 3.1 million
Warrants in exchange for approximately $3.0 million of Old Debentures (including
accrued but unpaid interest). Any additional closing is subject to stock
exchange approval and the closing date is uncertain but could be prior to the
end of March, 2014.


GENERAL DISCLOSURE STATEMENT

Investors are encouraged to read the Management Discussion and Analysis
Documents filed on SEDAR for a description of additional risks associated with
investing in The Mint Corporation. The following statement is only intended to
inform investors on certain of the many risks associated with investing in The
Mint Corporation (the "Company"). The Company operates predominantly in the
Middle East and North Africa ("MENA"). It is accordingly exposed to significant
political, legal and regulatory risks associated with operating in these
emerging and volatile markets. The key management personnel and operations of
the Company are based in countries which do not have strong and reliable
judicial enforcement. This results directly in additional risk with respect to
the enforcement of legal and contractual rights, including, for example but
without limitation, the enforcement of the rights of creditors, the protection
of intellectual property rights, the enforcement of joint venture arrangements,
and binding key employees with non-compete agreements. Since inception, the
Company has not reached profitability. The Company relies heavily on high-cost,
debt financing to fund its business plan. This has exposed the Company to unique
financial risks associated with significantly higher than normal debt levels.
Investors in the company are strongly encouraged to be aware of the significant
risks of the company, to conduct additional due diligence and to seek the help
of a licensed investment advisor before considering to invest in securities of
the Company. Moreover, investors must be aware that the purchase of the
Company's securities involves a number of additional significant risks and
uncertainties, as disclosed in the Management Discussion and Analysis reports
filed on SEDAR by the Company. Investors considering purchasing securities of
the Company should be able to bear the economic risk of total loss of such
investment.


FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute "forward-looking" statements.
These statements relate to future events or Mint's future performance and
include the possible further closing of Series B Debentures and Warrants in
exchange for Old Debentures. 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. In addition to other risks, the Company would be unable to complete
any additional closing of Series B Debentures and Warrants in exchange for Old
Debentures if the Company does not receive stock exchange approval or if the
Company receives no additional subscriptions. 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. 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 MINT TECHNOLOGY CORP.

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 delivered to workers in the United
Arab Emirates and expanding to other parts of the Middle East. Mint operates
through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider;
Mint Capital LLC, a financial products distribution company; Mint Global
Processing Inc., a fully integrated third party processing platform; and MEPS, a
mobile airtime POS and Merchant network solutions business.


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 FURTHER INFORMATION PLEASE CONTACT: 
The Mint Corporation
Pierre G. Gagnon
Chief Executive Officer
(905) 467-4709
pierre@mintinc.com


The Mint Corporation
Nicole Souadda
Head of Compliance and Investor Relations
(610) 995-2655
nsouadda@mintinc.com
www.mintinc.com

Grafico Azioni The Mint (TSXV:MIT)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni The Mint (TSXV:MIT)
Storico
Da Giu 2023 a Giu 2024