TORONTO, March 13, 2019 (GLOBE NEWSWIRE) -- TSX-V: MIT - The Mint Corporation (“Mint” or the “Company”) announced that it has completed the sale of 5,000,000 units (the “Units”) at a price of $0.10 per Unit, for gross proceeds of $500,000. This is the first closing of a non-brokered private placement of up to 10,000,000 Units.
Each Unit consists of one common shares and one-half common share purchase warrant. Each whole warrant is exercisable for one common share during the period ending March 13, 2021 for an exercise price of $0.20. If the volume weighted average price of the common shares on the TSX Venture Exchange is over $0.40 per share for 5 consecutive trading days ending more than four months after the last closing of the private placement, the Company may give written notice to the registered holders of the warrants accelerating the expiry date to a date not less than 30 days following the date of that notice.
The warrants and common shares issued as part of the Units are subject to a four month hold period which expires on July 14, 2019.
Under the terms of the Company’s private placement of promissory notes completed in August and November 2018, the Company is required to offer purchasers of those promissory notes the right to participate in this private placement by way of the exchange of their promissory notes for securities under the private placement. Note holders may participate on that basis up to the amount of the principal and interest on those notes. The Company intends to make that offer to the promissory note holders, with closing of any acceptances to be subject to stock exchange approval.
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.
About Mint
The Mint Corporation through its majority-owned subsidiaries (the “Mint Group”), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.
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
Vishy Karamadam
647-352-0666
www.themintcorp.com