The Mint Group: MINT ANNOUNCES CLOSING OF DEBT SETTLEMENT

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 ...Full story available on Benzinga.com