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Mint Technology decreases unit price to 10.5 cents
2013-03-15 10:28 ET - News Release
Mr. Chris Hogg reports
MINT AMENDS PRIVATE PLACEMENT
Mint Technology Corp.'s private placement announced on Jan. 21, 2013, has been repriced. The company now intends to offer up to $550,000 and $4.5-million (U.S.), of which, as previously announced, $125,000 was closed on Feb. 6, 2013, and has subsequently been repriced. Mint also closed subscriptions for $420,000 for common share units on March 12, 2013, bringing the total of the Canadian-dollar subscriptions to $545,000. The securities closed on March 12, 2013, contain a hold period until July 13, 2013. Mint has further received subscriptions for $1.37-million (U.S.) for preferred shares, which was previously announced on Feb. 6, 2013.
The revised terms of the private placement are as follows:
- Units comprising one common share and one-half common share purchase warrant of the company. One whole warrant is exercisable for one common share on or before Feb. 6, 2015, and upon payment of 15 cents (originally 20 cents). Each unit will be issued for 10.5 cents (originally 12.5 cents).
- There is no change to the offer for the non-convertible preferred shares of the company.
There is no change to the use of proceeds for this private placement.
Chris Hogg, executive chairman, said: "Based on the level of interest shown by investors, both in Canada and the United Arab Emirates, we expect that the private placement will be completed in the next 21 days primarily through the issue of the preferred shares. The equity was repriced to reflect the current volume-weighted average price of the company's common stock."