I assume,and hope I am right, that this news means the agreement terms of financial settlement have been met and MIT will survive.
Hopefully and prosper.
"Early Warning Report") pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues regarding the acquisition of securities of The Mint Corporation (the "Issuer") by Global Business Services for Multimedia ("GBS"). Effective January 11, 2021 (the "Conversion Date"), GBS converted 16,000,000 subscription receipts of the Issuer (the "Subscription Receipts"), at no additional cost, into 16,000,000 common shares of the Issuer (the "Shares") (the "Transaction").
Such Subscription Receipts were originally granted to the holders of series A debentures of the Issuer as part of a restructuring transaction in 2018. Each Subscription Receipt provided its holder thereof an option to covert the Subscription Receipt into one Share at no additional cost and at any time prior to December 31, 2022.
Prior to the Transaction, GBS and its wholly-owned subsidiary, Mobile Telecommunication Group LLC ("MTG") collectively owned 131,244,419 Shares, representing 59.69% of the issued and outstanding Shares on a non-fully diluted basis. Upon the issuance of the 16,000,000 Shares to GBS, GBS and MTG collectively own 147,244,419 Shares, representing 62.42% of the issued and outstanding Shares on a non-fully diluted basis.
GBS and MTG hold their securities of the Issuer for investment purposes. GBS's and MTG's future holdings in securities of the Issuer may increase or decrease in accordance with applicable securities legislation and in consideration of various factors, including, but not limited to, investment criteria, market conditions and as circumstances warrant.
This press release is issued pursuant to early warning requirements of National Instrument 62-104 and National Instrument 62-103, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report"). "