MINT ANNOUNCES CLOSING OF DEBT SETTLEMENT
TORONTO, April 22, 2022 /CNW/ – The Mint Corporation (TSXV: MIT) (“mint“or the”Company“) is pleased to announce that it has completed the debt settlement transaction (“Debt settlement“) of the Company as originally announced on September 8, 2021pursuant to a debt settlement agreement entered into with Mobile Telecommunications Group LLC (“MTG“), Global Business Services for Multimedia (“GBS” and with MTG, the “Creditors“), Mint Middle East LLC (“MRS“), and Mint Gateway for electronic payment services (“MGEPS“), date August 31, 2021 (there “debt settlement agreement“)
In accordance with the terms and conditions of the debt settlement agreement, the Company has settled the aggregate debt owed to creditors for an amount of approximately CA$30,000,000 upon payment of a total of $10,000,000 to creditors as follows:
- The debt due to MTG was settled by: (i) a one-time cash payment of $4,790,000; and (ii) the assignment of a three-year non-interest bearing unsecured promissory note issued by MME to the Company, in the principal amount of $2,210,000.
- The debt owed to GBS was settled by: (i) the assignment of an unsecured promissory note with a term of three years, non-interest bearing, issued by MME to the Company, for a principal amount of $2,010,000; and (ii) transfer of certain real estate assets located in Dubai, United Arab Emirates estimated at $990,000 pursuant to a valuation report prepared by CBRE Dubai LLC, dated December 23, 2021 (there “Real estate assets“).
In addition, in accordance with the terms of the debt settlement agreement, MME and MGEPS settled approximately CA$48,500,000 in total indebtedness due to the Company through the issuance of two unsecured promissory notes with a three-year non-interest bearing term in an aggregate principal amount $4,220,000; cash payment of $5,710,000 to the society ; residual intragroup receivable of $80,000and the sale of Real Estate Assets valued at $990,000 to the society.
The debt settlement has been approved by the TSX Venture Exchange (“TSXV“). In addition, in accordance with the requirements of the multilateral instrument 61-101 – PrProtection of minority shareholders in special operations (“MI 61-101“), the Company received the approval of the majority of the Company’s minority shareholders in respect of the debt settlement at its annual and special general meeting of shareholders held on October 7, 2021. For more details on the Debt Settlement, please refer to the Company’s press releases dated September 8, 2021, September 24, 2021 and December 8, 2021and the Company’s management information circular dated August 31, 2021.
A copy of the debt settlement agreement form was attached to the Company’s management information circular dated August 31, 2021 in connection with the Meeting, and is available on the Company’s SEDAR profile at www.sedar.com.
The Mint Corporation, through its majority-owned subsidiaries (the “mint group“), is a globally certified payment company headquartered in Toronto, Canada with its main activity in Dubai, United Arab Emirates. Mint Group provides employers, employees and merchants with best-in-class financial services supported through payroll cards and the linked, feature-rich Mint mobile app. Through its mobile payment platform certified globally by MasterCard and UnionPay, Mint offers modern financial conveniences, at a reasonable cost, to employers, merchants and consumers.
Certain statements contained in this press release constitute “forward-looking” statements. These statements relate to future events or future performance and, in some cases, can be identified by the use of words such as “estimated”, “intends”, “plans”, “expects”. to”, “anticipates” or variations of these words and phrases as statements that certain actions, events or results “could”, “could”, “could”, “should”, “would” occur, or the negative forms of any of these words and other similar expressions.
All such statements involve substantial known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be specific indications as to whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this press release are based on what Mint management believes to be reasonable assumptions as of the date of this press release, Mint cannot assure investors that actual results will be consistent with such forward-looking statements. . These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time to time in Mint’s current filings with securities regulatory authorities, which documents may be viewed at www.sedar.com. These forward-looking statements are made as of the date of this press release, and Mint disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. applicable securities require it.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE The Mint Society
For further information: The Mint Corporation, Vishy Karamadam, President and CEO, 647-352-0666