It is a contradictory week for the stock of Mint Technology Corp. (CVE:MIT), (PINK:MITJF). On Tuesday, it fell heavily on the TSX Venture Exchange. Yesterday, it spiked up to the levels before the decline, on a very large volume. This happens shortly after the company released several financial news.

Mint_-_Chart_-_5_May_2011.jpgThey looked positive to a certain extent. On Monday, Mint was glad to inform everybody about its rising revenue. The earnings have jumped by 63% for the six months ended Feb. 28, 2011 in comparison with the year-ago period.

The same day, Mint announced the completion of a $715K private placement. This is the second closing of the $2M financing released on Mar 1. The first closing was for the amount of $950K and was announced in early March.

Are these funds enough, however? Not easy to give a positive answer to this question. Not accounting the mentioned placements, the company had virtually no cash in the end of February. The financial reports also reveal a working capital deficiency of more than $4.6M.

Such fundamentals rise serious doubts about the shares’ ability to advance substantially in the near future. On the other hand, other positive developments exist. Though disclosed earlier, they might actually help the stock’s progress.

Perhaps the most important one is the signing of a major customer contract with Al Ahalia Money Exchange Bureau for the outsourcing of their payroll business to Mint Middle East LLC, a subsidiary of Mint Technology.

Mint_-_Logo.jpgThe latest, so far, move of the shares was a positive one in the right direction. VAE went 15.8% up on a turnover of over 3.57M shares. Such a trading activity beats almost 50 (!) times the average for the last 30 days.

Mint is a corporation engaged in providing prepaid financial products and services worldwide. It provides card based payment tools – prepaid debit and payroll cards, loyalty and alternative payment solutions.