Mint Technology Closes Private Placement Financing

Thursday 17 June 2004 10:50 CET | News

Toronto Based Mint Technology has closed a private placement financing of unsecured convertible debentures, and has received aggregate gross proceeds of $1,500,000 CDN.

The transaction closed on June 16, 2004. Loewen, Ondaatje, McCutcheon Limited acted as agent. Details of the transaction are (all prices in Canadian dollars): a) Mint Technology Corp. issued $1,500,000 of three year 6% convertible debentures consisting of one common share and one half warrant for $0.50 per unit during the first two years and for $0.55 per unit during the third year. b) Each whole warrant entitles the holder to acquire one common share at $0.65 at any time up until 24 months from the date of conversion of the debentures. c) Interest on the debentures accrues semi-annually and is payable in cash or units at the earlier of the conversion date or maturity. d) Loewen, Ondaatje, McCutcheon Limited received 240,000 warrants that enable them to acquire an equivalent number of units at $0.50 per unit at anytime up until 18 months from date of closing.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce