It only took 4 months, but final completion of settlement ofdebt announced. Hopefully; profitable quarters will be established and the share price will reflect stability.
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("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.