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 initially
announced on September 8, 2021,
pursuant to a debt settlement agreement entered into with Mobile
Telecommunications Group LLC ("MTG"), Global Business
Services for Multimedia ("GBS" and together with MTG, the
"Creditors"), Mint Middle East LLC ("MME"), and Mint
Gateway for Electronic Payment Services ("MGEPS"), dated
August 31, 2021 (the "Debt
Settlement Agreement")
Pursuant to the terms and conditions of the Debt Settlement
Agreement, the Company settled the aggregate debt owing to the
Creditors in the amount of approximately CAD$30,000,000 by payment of an aggregate of
US$10,000,000 to the Creditors in the
following manner:
- The debt owing to MTG was settled through: (i) a one-time cash
payment of US$4,790,000; and (ii)
assignment of an unsecured three-year non-interest bearing
promissory note issued by MME to the Company, in the principal
amount of US$2,210,000.
- The debt owing to GBS was settled through: (i) assignment of an
unsecured three-year non-interest bearing promissory note
issued by MME to the Company, in the principal amount of
US$2,010,000; and (ii) transfer of
certain real estate assets located in Dubai, United Arab Emirates valued at
US$990,000 pursuant to a valuation
report prepared by CBRE Dubai LLC, dated December 23, 2021 (the "Real Estate
Assets").
In addition, pursuant to the terms of the Debt Settlement
Agreement, MME and MGEPS settled approximately CAD$48,500,000 in aggregate debts owing to the
Company through the issuance of two unsecured three-year
non-interest bearing promissory notes in the aggregate principal
amount US$4,220,000; cash payment of
US$5,710,000 to the Company; residual
intercompany receivable of US$80,000,
and the transfer of the Real Estate Assets valued at US$990,000 to the Company.
The Debt Settlement was approved by the TSX Venture Exchange
("TSXV"). Further, pursuant to the requirements under
Multilateral Instrument 61-101 – Protection of Minority Holders
in Special Transactions ("MI 61-101"), the Company
received the approval of the majority of the minority shareholders
of the Company with respect to the Debt Settlement at its annual
general and special shareholder meeting held on October 7, 2021. For further details of the Debt
Settlement, please refer to the Company's press releases dated
September 8, 2021, September 24, 2021 and December 8, 2021, and the management information
circular of the Company dated August 31,
2021.
A copy of the form of Debt Settlement Agreement was attached to
the management information circular of the Company dated
August 31, 2021 with respect to the
Meeting, and is available on the Company's SEDAR profile at
www.sedar.com.
ABOUT MINT
The Mint Corporation through its majority-owned subsidiaries
(the "Mint Group"), is a globally certified payments company
headquartered in Toronto, Canada
with its primary business in Dubai,
United Arab Emirates. The Mint Group provides employers,
employees and merchants with best-in-class financial services
supported via payroll cards and the feature rich and linked Mint
mobile application. Through its mobile enabled payments platform
certified globally by MasterCard and UnionPay, Mint brings modern
financial conveniences, at reasonable cost, to employers, merchants
and consumers.
Forward-looking Statements
Certain statements in this news release constitute
"forward-looking" statements. These statements relate to future
events or future performance and, in certain cases, can be
identified by the use of words such as "estimated" "intends",
"plans", "expects", "anticipates", or variations of such words and
phrases as statements that certain actions, events or results
"may", "can", will", "might", "shall", "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 which may cause the actual
results, performance or achievements to vary 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 news
release. Forward-looking statements involve significant risks and
uncertainties, they should not be read as guarantees of future
performance or results, and they will not necessarily be accurate
indications of 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 news
release are based upon what management of Mint believes are
reasonable assumptions on the date of this news release, Mint
cannot assure investors that actual results will be consistent with
these 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 ongoing filings with the
securities regulatory authorities, which filings can be found at
www.sedar.com. These forward-looking statements are made as of the
date of this news release and Mint disclaims any intent or
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise, unless
required by applicable securities laws.
Neither 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.
www.themintcorp.com
SOURCE The Mint Corporation
