Toronto, Ontario--(Newsfile Corp. - December 8, 2021) - The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange" or the "TSXV") has conditionally accepted the previously announced proposed debt settlement (the "Debt Settlement") of the Company pursuant 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 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 the management information circular of the Company dated August 31, 2021.
The completion of the Debt Settlement is subject to the satisfaction of certain conditions of the Debt Settlement Agreement, including but not limited to, approval of the Debt Settlement by the TSXV and the Debt Settlement receiving other regulatory and third party approvals as may be required in the United Arab Emirates.
Assuming all conditions are satisfied, the Company anticipates closing of the Debt Settlement to occur on or around December 31, 2021. There is no assurance that the Debt Settlement will be completed. The Company will issue a further press release once the Exchange provides its final approval of the Debt Settlement and upon closing of the Debt Settlement.
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.
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. Forward-looking statements include the completion of the Debt Settlement pursuant to the terms of the Debt Settlement Agreement, the final approval of the TSXV, the fulfillment of the conditions of the Debt Settlement Agreement, and the anticipated closing date of the Debt Settlement.
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, including but not limited to: failure of the parties to fulfill the conditions of the Debt Settlement Agreement, business or economic risks which may cause additional financial difficulties for the parties of the Debt Settlement Agreement, the inability for the Company to receive the necessary regulatory or third-party approvals, and general market risks and fluctuations. 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
The Mint Corporation
Vishy Karamadam, Chief Executive Officer
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