Mint Corp V.MIT

Alternate Symbol(s): MITJF

Financial Services Credit Services

The Mint Corporation, through its subsidiaries, is a globally certified payments company. The Company is focused on offering financial services to the unbanked salaried worker in the United Arab Emirates (UAE). The Company provides employers with payroll cards for their unbanked employees. It offers employers scalable, flexible and payroll card management solutions through its globally certified payments platform. It also focuses on facilitating payroll disbursement for unbanked workers, employees not qualified for traditional bank accounts. Its UAE operations comprise five entities, including Mint Middle East LLC (MME), Mint Electronic Payment Services Ltd (MEPS), Mint Capital LLC (MCO), Mint Gateway for Electronic Payment Services (MGEPS) and Hafed Holding (Hafed). MME is a payroll card services provider facilitating an automated and secure payroll system to employers in the UAE. Its UAE operations payroll cards and mobile app are branded under the Hafed name.

TSXV:MIT - Post by User

Mint Corp

Bullboard Posts

Post by justmebirdon Aug 04, 2013 8:04am

253 Views

Post# 21649039

Look at this!

Straight from the mouth of Mint:

Financing
Mint continues to incur significant operational losses. The Board and Mint management team are working to streamline operations by finding cost saving opportunities to reduce its losses while continuing to seek long term sources of capital. However, Mint continues to require capital to funds its operations. Since June 5, 2013, the Company has received CAD$1,808,762 and USD$284,845 in secured bridge loans to help support its operations. The bridge loans are due and payable on November 30, 2013 and carry an interest rate of 24% per annum.

Mint Middle East LLC also received bridge financing between April 27, 2013 and June 5, 2013 in the amount of $1,095,000. $895,000 is due 125 calendar days from April 27th, 2013 and $200,000 is due 86 calendar days from June 5th, 2013. Interest on these bridge loans is 20% per annum calculated daily.

Mint continues to work on sourcing long term financing through "Series X". The terms with prospective investors are still being negotiated and there can be no assurance for the Series X financing to be completed at this time.