NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
TORONTO, Jan. 11, 2018 — The Mint Corporation (TSX-V:MIT) (“MIT” or the “Company”) announces that it has completed the sale of 9,070,000 units (the “Units”) at $0.20 each to raise $1,814,000. This is the first closing of a private placement of up to 15,000,000 Units to raise $3,000,000.
Each Unit consists of one common share in the Company and one warrant (a “Warrant”). Each Warrant is exercisable for one common share during the 12 months following the first closing of the offering for an exercise price of $0.30. If the closing price of the Company’s common shares is over $0.50 per share for a period of 10 consecutive business days, the Company may give written notice to the registered holders of the Warrants changing the expiry date to a date not less than 30 days following the date of that notice. The Company has agreed to compensate finders who introduce purchasers in the offering. Finders will receive (a) a cash commission equal to 7% of the gross proceeds from the sale of Units to subscribers introduced by the finder, and (b) that number of finder warrants (the “Finder Warrants”) which is equal to 7% of the number of Units sold to subscribers introduced by the finder. Each Finder Warrant is exercisable for one Unit during the 18 months following the first closing of the offering for an exercise price of $0.20. In connection with the first closing of the private placement, the Company paid finder compensation consisting of $60,480 and 302,400 finder warrants.The securities issued on closing, including any securities issued upon exercise of the Warrants or Finder Warrants, are subject to a four month hold period which expires on May 12, 2018.The Company has received strong demand in excess of the current offering. Mint intends to raise up to an additional $750,000 through a second private placement of units (the “Follow On Units”) to accommodate some of this additional demand. The Follow On Units will be identical to the Units except that (a) the issue price of the Follow On Units will be $0.22, and (b) the 12 month term of the finder warrants, and the warrants in the Follow On Units, will commence on the first closing of the second private placement. The increase in the price of the Follow On Units is a result of the recent increase in the Company’s share price and the pricing rules of the TSX Venture Exchange. Mint intends to compensate finders in the second private placement on the same basis as in the first private placement. Mint expects to complete the second private placement and the balance of the first private placement next week.The net proceeds of the first and second private placements will be used to advance the Company’s business plan and for working capital purposes.The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.Mint also announced the granting of options to a director and a consultant to purchase a total of 2.5 million common shares under the Company’s stock option plan, including options on 1.5 million common shares issued to a director of the Company. The options are exercisable at a price of $0.33 per share and expire on January 11, 2021. Any common shares issued upon exercise of those stock options are subject to a four-month resale restriction expiring on May 12, 2018.“Mint is very pleased with the strong interest it received for this offering. We welcome Mint’s new shareholders that have come in and thank Mint’s existing shareholders for their continued support,” said Vishy Karamadam, CEO, the Mint Corp.About The Mint CorporationMint, through its majority owned subsidiaries (the “Mint Group”), is a leading globally certified payments company focused on offering financial services to the unbanked salaried worker based in Dubai, United Arab Emirates (UAE). The Mint Group provides employers with payroll disbursement service by offering salaries via a reloadable globally accepted prepaid card issued under MasterCard and Union Pay International schemes for their unbanked employees. These employees earn regular salaries and have long-term work permits. The Mint card effectively becomes a cardholder’s bank account. The Mint Group offers a comprehensive suite of value added services for its corporate clients and to their employees via a fully functional mobile application linked to their card account. The Mint Group network covers the entire spectrum of payments value chain from issuing, processing and acquiring with its own proprietary ATM network and does the processing and settlement of transactions through its in-house payment platform.Forward Looking StatementsThis press release contains forward-looking statements. More particularly, this press release contains statements which include the timing of closing the second private placement and the balance of the first private placement and the anticipated use of proceeds. The forward-looking statements are based on certain expectations and assumptions made by the Company. Although the Company believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, the closing of the offering could be delayed based on delays in the receipt of subscriptions for the second private placement and the logistics of closing. The intended use of the net proceeds of the offering by the Company might change if the Company determines that it would be in the best interests of the Company to use the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof. The Company 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 laws.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.The Mint Corporation
Email: [email protected]
Powered by WPeMatico