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
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