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Last C$0.03 CAD
Change Today 0.00 / 0.00%
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MIT On Other Exchanges
As of 3:00 PM 08/21/15 All times are local (Market data is delayed by at least 15 minutes).

mint corp/the (MIT) Snapshot

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52 Week High
11/27/14 - C$0.08
52 Week Low
11/5/14 - C$0.02
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mint corp/the (MIT) Details

The Mint Corporation, through its subsidiaries, provides vertically integrated prepaid card and payroll services in the Middle East and North Africa. It manages the issuance, administration, customer support, payment processing and set-up, and reporting of the payroll cards and related activities. The company also designs, packages, delivers, and manages specialized MasterCard and Visa branded payment programs for global acceptance and utility for credit card issuers, retailers, and member associations. In addition, it offers payroll cards, mobile airtime top up, merchant network solutions, and microfinance products to existing payroll cardholders. The company was formerly known as Mint Technology Corp. and changed its name to The Mint Corporation in August 2013. The Mint Corporation was founded in 2004 and is based in Toronto, Canada. The Mint Corporation is a subsidiary of Gravitas Financial Inc.

Founded in 2004

mint corp/the (MIT) Top Compensated Officers

Executive Officer
Total Annual Compensation: C$308.3K
Executive Officer
Total Annual Compensation: C$304.5K
Compensation as of Fiscal Year 2013.

mint corp/the (MIT) Key Developments

Mint Secures Loan from Gravitas

Mint has borrowed $500,000 from Gravitas. The loan matures on October 23, 2018 and bears interest at 4.5% per annum. The loan is to be secured against the assets of Mint, subordinated to all existing security interests. Gravitas has committed to an unsecured three year loan of a further $2,500,000 at 4.5% per annum to Mint Gateway for Electronic Payment Services LLC, to complete the implementation of the Mint Gateway payment processing system. That further loan or a portion of that loan may be subject to shareholder approval, if required. Prior to the completion of the transactions described in this news release, Gravitas owned approximately 50% of the outstanding common shares of Mint, with rights to increase its ownership of common shares to approximately 60%. The issuance of Units to Gravitas and the loan from Gravitas were related party transactions for purposes of Multilateral Instrument 61-101. Those investments are exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101.

The Mint Corporation Announces Private Placement of Debentures

The Mint Corporation is planning to raise a minimum of CAD 10 million ($8.02 million) and a maximum of CAD 20 million ($16.04 million) through the sale of Series C debentures at par on a brokered private placement. The interest on the debentures will be 5.5% per annum, payable quarterly in arrears. The debentures will come due on the third anniversary of closing. The debentures will be secured against the assets of Mint, the assets of Mint's UAE wholly-owned subsidiary Mint Capital LLC, and all of the shares in Mint Gateway for Electronic Payment Services LLC, a company 49% owned by Mint Capital LLC.

The Mint Corporation Announces the Resignation of Pierre G. Gagnon as Chairman and Director of the Board

The Mint Corporation announced the resignation of Mr. Pierre G. Gagnon as Chairman and Director of the Board, effective April 16, 2015.


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