To Seek Banking License in United Arab Emirates; Ontario Securities Commission Revokes Cease
Trade Order

Toronto, Ontario–(Newsfile Corp. – October 4, 2023) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company”) is pleased to provide a corporate update on its business and the status of its trading.

Business Update

Mint primarily operates its business through its 51% ownership in Mint Middle East LLC (“MME”) which has made significant inroads in its effort to obtain a bank license to facilitate the launch of fintech products and services. In January, 2023, MME applied for a banking license in United Arab Emirates and has made significant progress in this initiative with market regulators in the United Arab Emirates. Given the highly complex nature of this initiative, including capital and regulatory process involved, there is no assurance that MME will be successful in obtaining a bank license to operate in the United Arab Emirates.

MME continues to maintain its core operating and management team, technology infrastructure and key relationships in order to assist with launching additional products and services. The term of MME’s noncompete period from its previously announced divestment of its card portfolio has expired. Accordingly, MME is also evaluating the launch of additional fintech products and services, including payroll products, in partnership with other financial institutions. It is expected that these products will be complementary to obtaining a bank license in the UAE.

Revocation of Cease Trade

The Company announces the full revocation of the failure-to-file cease trade order (the “FFCTO”) by the Ontario Securities Commission (the “OSC”) and the reinstatement of its common shares for trading on the TSX Venture Exchange (the “TSXV”).

As previously announced on May 15, 2023, the OSC issued the FFCTO against the Corporation as a
result of the Corporation’s inability to file its (i) Annual audited financial statements for the year ended December 31, 2022, (ii) Management’s Discussion and Analysis for the period ended December 31, 2022, and (iii) certification of annual filings for the period ended December 31, 2022, in each case within the time frame prescribed by National Instrument 51-102.

As previously announced on June 19, 2023, Mint filed its unaudited financial statements and related Management Discussion and Analysis for the first quarter ended March 31, 2023, and filed its unaudited financial statements and related Management Discussion and Analysis for the second quarter ended June 30, 2023, on August 29, 2023.

The Corporation is pleased to report that the FFCTO was fully revoked by the OSC on June 20, 2023. Further to the revocation of the FFCTO, the Company obtained the reinstatement of trading in its common shares through the facilities of the TSXV to be effective at the opening on Thursday, October 5, 2023.

Shareholders Meeting

The Company also announced that it intends to hold its annual and special meeting of its shareholders on November 6, 2023, with shareholders of record as of October 2, 2023, being entitled to vote thereat. A copy of the Notice has been filed by the Company’s transfer agent on SEDAR+. A management information circular and proxy will be made available on SEDAR+ in due course and disseminated to shareholders in accordance with applicable securities laws.

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 intends to provide 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.

Mint Contacts
The Mint Corporation
Vishy Karamadam, Chief Executive Officer
vishy@themintcorp.com
www.themintcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risk factors are provided in the audited financial statements of the Company for the year ended December 31, 2021 and its publicly filed disclosure documents on www.sedar.com. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Toronto, Ontario–(Newsfile Corp. – June 20, 2023) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company”) is announced that it has filed the following outstanding periodic disclosure documents:

• Annual audited financial statements for the year ended December 31, 2022;
• Management Discussion and Analysis for the period ended December 31, 2022; and
• Certification of annual filings for the period ended December 31, 2022.

On June 19, 2023, Mint also filed its unaudited financial statements and related Management Discussion and Analysis for the first quarter ended March 31, 2023.

Mint now intends to file an application to revoke the cease trade order imposed by the Ontario Securities Commission on May 5, 2023 and to seek reinstatement of its common shares for trading on the TSX Venture Exchange.

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 intends to provide 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.

Mint Contacts
The Mint Corporation
Vishy Karamadam, Chief Executive Officer
vishy@themintcorp.com
www.themintcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risk factors are provided in the audited financial statements of the Company for the year ended December 31, 2021 and its publicly filed disclosure documents on www.sedar.com. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Toronto, Ontario–(Newsfile Corp. – May 15, 2023) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company”) announces that, it has been issued a Cease Trade Order (“CTO”) by the Ontario Securities Commission on May 5, 2023 by virtue of having not filed the following periodic disclosure documents by the applicable filing deadlines:

• Annual audited financial statements for the year ended December 31, 2022;
• Management’s Discussion and Analysis for the period ended December 31, 2022; and
• Certification of annual filings for the period ended December 31, 2022.

The delay is due to the complexity of having to obtain financial information from its operating subsidiary based in the United Arab Emirates resulting in the Company and its auditors not having adequate time and resources available to complete the audit in the allotted time. The Company is working diligently with its auditor, PKF Antares Professional Corporation, to complete the audit and issue the disclosures by May 31, 2023. The Company will issue advice by news release should any further delays be foreseen.

The Company continues to operate normally and reports that the cause of the delay is not material to the Company’s operations. Mint will issue a news release announcing completion of the requisite filings once posted on SEDAR.

Despite the CTO, a beneficial security holder of the Company who is not, and was not at the date of the CTO, an insider or control person of the Company, may sell securities of the Company acquired before the date of the CTO if: (a) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Company’s securities are urged to consult with their own investment advisors or legal counsel about the implications of the CTO.

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 intends to provide 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.

Mint Contacts
The Mint Corporation
Vishy Karamadam, Chief Executive Officer
647-352-0666
www.themintcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risk factors are provided in the audited financial statements of the Company for the year ended December 31, 2021 and its publicly filed disclosure documents on www.sedar.com. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Toronto, Ontario–(Newsfile Corp. – December 6, 2022) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company“) would like to inform that Rebecca Ong has stepped down as a director of the Company.

“On behalf of the Company, we would like to express our gratitude to Rebecca for her contribution to support the Mint Corporation in its transition and wish her the very best for future endeavours. We thank Rebecca for her service,” said Vishy Karamadam, CEO of Mint.

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 intends to provide 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.

The Mint Corporation
Vishy Karamadam, Chief Executive Officer
647-352-0666
www.themintcorp.com

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:

1. 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 .
2. 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 – Pr otection 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 .

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.

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.

Toronto, Ontario–(Newsfile Corp. – January 11, 2022) – This press release is being issued in connection with the filing of an early warning report (the “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“). A copy of the Early Warning Report will be available under the Issuer’s SEDAR profile at www.sedar.com and may be obtained by contacting: Mr. Vishy Karamadam, The Mint Corporation. at vishy@themintcorp.com or 647-352-0666.

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.

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. 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
647-352-0666

Toronto, Ontario–(Newsfile Corp. – September 24, 2021) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company“) announces that further to its press release dated September 7, 2021 and its management information circular dated August 31, 2021 (the “Circular“) it wishes to provide additional information pursuant to Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (“MI 61-101“), relating to the timeline, background, and summary of the negotiation process of the previously announced proposed debt settlement (the “Debt Settlement“) and debt settlement agreement (the “Agreement“) 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“).

To provide the shareholders of the Company (“Shareholders“) additional time to consider and to vote upon the Debt Settlement, the Company will now hold its annual general and special shareholder meeting on October 7, 2021 at 10:00 a.m. (Toronto time) (the “Meeting“) (previously scheduled for, September 30, 2021 at 10:00 a.m. (Toronto time)). As such, the proxy cut-off time for the Meeting will now be October 5, 2021 at 10:00 a.m. (Toronto time). The Meeting will still be held at the Company’s office located at 33 Bay Street, Suite 1700, Toronto, Ontario, but to mitigate the risk and spread of the COVID-19 virus, Shareholders are strongly encouraged to attend the Meeting virtually through dialing 1-855-473-1059, Participant Code: 0091269#. A new management information circular will not be mailed out to Shareholders in connection with the new date of the Meeting. A copy of the Circular was mailed out to Shareholders on September 2, 2021 and can be found on the Company’s SEDAR profile at www.sedar.com or on the Company’s website at www.themintcorp.com.

Timeline and Background of Debt Settlement

In June 2020, the board of directors of the Company (the “Board“) began discussing the urgency for the Company to clean-up its balance sheet, and in particular the Company’s debt owing to the Creditors in the amount of approximately CA$20,000,000 (the “Debt“), which was secured against all assets of the Company and coming due on December 2021. In addition, there was approximately CA$2,000,000 in an interest payment due to the Creditors annually.

On June 24, 2020, Vishy Karamadam, Chief Executive Officer and Director of the Company, initiated discussions with regards to restructuring of the Debt with the Creditors based off the Company’s anticipated difficulties to meet the repayment obligations.

Over the next few months, Mr. Karamdam and the Creditors held various discussions regarding the benefits of restructuring the Debt, which eventually led to the Company proposing a settlement of the Debt through a payment of C$10,000,000 – which was rejected by the Creditors. Throughout the discussion, Mr. Karamdam kept independent member of the Board, Vikas Ranjan abreast of the progress in the talks with the Creditors; and kept the rest of the Board members periodically updated on the progress – with the exception of Firas Al Fraih, as he is a director of GBS, and as such, the Company implemented a Chinese wall with respect to Mr. Al Fraih’s involvement and he was not involved in any discussions or updates with respect to the talks from the Company’s side.

On December 15, 2020, the Creditors and the Company informally agreed on a framework for a settlement of the Debt being in the amount of US$10,000,000. In connection with this framework, the Company would receive from its United Arab of Emirates’ entities (the “UAE Entities“) a payment of US$11,000,000 (the “UAE Payment“) to settle a previous inter-company debt (the “Inter-Company Debt“) owed by the UAE Entities to the Company in the amount of C$40,000,000, an amount which was previously written-off by the Company. The Inter-Company Debt was initially provided through various advances to the UAE Entities beginning approximately 12 years ago to fund the working capital requirements of the UAE Entities’ business. However, such advances were written off in connection with audit requirements of the Company over the years, as further disclosed in the notes of the Company’s financial statements available on the Company’s SEDAR profile. The Company had previously discussed the settlement of the Inter-Company Debt with the UAE Entities, but such discussions were never able to materialize into any proposals due to numerous parties holding the Debt and the Inter-Company Debt.

Based off a draft letter of intent (“Letter of Intent“) sent by the Company to the Creditors on April 4, 2021, which captured the agreed upon figure of the settlement reached around December 15, 2020, the independent members of the Board supported the proposed terms of the Debt Settlement, and the parties formally entered into the Letter of Intent on May 5, 2021.

On July 9, 2021, based off the terms of the Letter of Intent, an initial draft of the Agreement was sent from the Company to the Creditors; the draft of the Agreement was largely based off the terms agreed to in the Letter of Intent. Nonetheless, one change in the terms between the Letter of Intent and the Agreement was the Company could settle the debt through a combination of consideration payable through a cash payment or assets-in-kind (rather than just a cash payment as stipulated in the Letter of Intent). This change was proposed by the Company to allow the Company to account for the type of consideration paid to it pursuant to the UAE Payment and to permit the Company to ensure suitable working capital flexibility to move forward upon completion of the Debt Settlement.

On September 2, 2021, the Agreement was reviewed and approved by the independent members of the Board. Mr. Al Fraih was excluded from Board discussions with respect to the approval of the Debt Settlement.

General Information About Payment Terms

With respect to the form of payment to be paid by the Company to the Creditors pursuant to the Debt Settlement Agreement (i.e., whether it will be a cash payment, assets-in-kind, or a combination of both thereof), the Company will make that decision based off its analysis of its working capital requirements for funding for the future growth of the business of the Company and will determine the apportionment based off both this framework and the type of consideration received from the UAE Payment. As of the date of this release, the Company has not determined the breakdown of the consideration that will be paid to the Creditors.

Any such assets to be paid in connection with the Debt Settlement may include real property located in the United Arab Emirates which may be received as part of the UAE Payment and will be subject to a valuation by an arm’s-length third-party appraisal firm agreed to by the respective parties in advance prior to being used as payment.

MI 61-101 Special Transaction

MTG is a wholly-owned subsidiary of GBS, which is a “control person” of the Company. Accordingly the Debt Settlement is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (“MI 61-101“). Pursuant to MI 61-101, the Company will seek approval of the majority of minority shareholders (“Minority Shareholder Approval“) of the Company with respect to the Debt Settlement at the Meeting.

A copy of the form of Debt Settlement Agreement was attached to the Circular.

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. Forward-looking statements include the completion of the Debt Settlement pursuant to the terms of the Debt Settlement Agreement, the receipt of a cash payment in the amount of US$11,000,000, receipt of Minority Shareholder Approval pursuant to MI 61-101, and the use of the remaining funds for working capital purposes.

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 shareholder, 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
416-729-1363

Toronto, Ontario–(Newsfile Corp. – September 8, 2021) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company“) is pleased to announce that further to its press release dated May 6, 2021, it has entered into a debt settlement agreement 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“).

Terms of Debt Settlement

Pursuant to the Debt Settlement Agreement, the Company will settle the following debts which are currently outstanding (the “Debt Settlement“):

1. Approximately C$20,000,000 in aggregate principal of outstanding series A debentures (plus all accrued and unpaid interest) held by the Creditors;

2. Aggregate debt of approximately C$7,000,000 in principal (plus all accrued and unpaid interest) comprised of:

1. Convertible subordinate secured debentures and an unsecured promissory note; and
2. Certain loans payable to the Creditors.

In total, the Company anticipates that it will settle an aggregate of approximately C$30,000,000 of debt burden upon closing of the Debt Settlement through a one-time cash payment or through a payment in kind of certain assets received from MME or MGEPS, or a combination of the foregoing, in the amount of US$10,000,000 to the Creditors pursuant to the terms and conditions of the Debt Settlement Agreement.

In addition, pursuant to the terms of the Debt Settlement Agreement, and in consideration for the Debt Settlement, MME and MGEPS will settle the following debts owing to the Company and Creditors:

1. Approximately C$42,000,000 owing to the Company (such amount has been written-off in the financial statements of the Company) that was previously provided to MME and MGEPS in the form of non-interest bearing inter-company transfers since its initial acquisition by the Company to be settled by a payment of US$11,000,000 to the Company and

2. Approximately C$6,500,000 of principal and any accrued interest therein owing to MTG by MGEPS will be cancelled.

As a result, MME and MGEPS will make a one-time cash payment of US$11,000,000 to the Company, and the balance of these funds that are not used in connection with the Debt Settlement, will be used for working capital purposes of the Company.

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 TSX Venture Exchange (the “TSXV“), the Debt Settlement receiving Minority Shareholder Approval (as defined below), and any other regulatory and third party approvals as may be required in the United Arab Emirates. The anticipated closing date of the Debt Settlement on or before December 31, 2021, or such other date as agreed to by the parties. There is no assurance that the Debt Settlement will be completed.

Vishy Karamadam, Chief Executive Officer of the Company, commented on the Debt Settlement Agreement: “Executing the Debt Settlement Agreement on attractive terms for the Company’s minority shareholders is a win and significant milestone for the Company. I urge the shareholders to approve the Debt Settlement in the upcoming shareholders meeting. Fintech companies are well received in the public markets, and an equity funded balance sheet significantly helps such companies achieve its goals. Unfortunately, the Company has historically been funded with debt that held the Company back from realizing its full potential, and this is an opportunity to clean up the balance sheet and position the Company to execute on its business plan.”

MI 61-101 Special Transaction

MTG is a wholly-owned subsidiary of GBS, which is a “control person” of the Company. Accordingly the Debt Settlement is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (“MI 61-101“). The Company will rely on the exemption from the valuation requirement pursuant to subsection 5.5(g) of MI 61-101 (financial hardship). The Company’s decision to rely on the financial hardship exemption was made upon the recommendation of the independent directors of the Company, all of who are unrelated to the parties involved in the Debt Settlement, with respect to the merits of the Debt Settlement and the resulting approval of the entering into of the Debt Settlement Agreement by the board of directors of the Company. Pursuant to MI 61-101, the Company will seek approval of the majority of minority shareholders (“Minority Shareholder Approval“) of the Company with respect to the Debt Settlement at its upcoming annual general and special meeting of shareholders to be held on September 30, 2021 (the “Meeting“).

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 will be 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. Forward-looking statements include the completion of the Debt Settlement pursuant to the terms of the Debt Settlement Agreement, the receipt of a cash payment in the amount of US$11,000,000, the approval of the TSXV, receipt of Minority Shareholder Approval, the fulfillment of the conditions of the Debt Settlement Agreement, the use of the remaining funds for working capital purposes, the reception of financial technology companies by the market, the anticipated execution of the Company’s business plan once the Debt Settlement is completed, 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 shareholder, 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
647-352-0666

Toronto, Ontario–(Newsfile Corp. – July 21, 2021) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company”) is pleased to announce that it intends to hold its annual and special meeting of its shareholders (the “Meeting”) on September 30, 2021 in Toronto, Ontario. The Company is issuing the press release at the request of the TSX Venture (the “TSXV”), as the Company has been put on notice by the TSXV that it has not held one or more prior annual shareholder meetings within the time periods prescribed by the TSXV. The delay has resulted in part from the proposed debt restructuring (the “Debt Restructuring”) which the Company announced on May 6, 2021 (the “Press Release”) and the negotiation of the definitive agreement in connection with the Debt Restructuring. As disclosed in the Press Release, the Debt Restructuring will require shareholder approval as a “related party transaction” for purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

The specific time, location and format of the Meeting will be provided in the Company’s notice of meeting and management information circular, which will be filed on the Company’s SEDAR profile at www.sedar.com in advance of the Meeting in accordance with applicable securities law.

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, UAE. Through its mobile-enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to merchants and consumers.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The Mint Corporation Vishy Karamadam, Chief Executive Officer

416-729-1363