Mint Announces a Change of Control

Toronto, Ontario–(Newsfile Corp. – January 7, 2020) – The Mint Corporation (TSXV: MIT) (“Mint“) announces that Global Business Services for Multimedia (“GBS“) and Mobile Telecommunication Group LLC (“MTG” and together with GBS, the “Buyers“), have issued an early warning news release announcing their acquisition of certain securities previously issued by Mint and debts of Mint, including: (i) 109,670,736 common shares of Mint (“Common Shares“); (ii) 16,000,000 subscription receipts of Mint (the “Subscription Receipts“) exercisable for 16,000,000 Common Shares for no additional consideration; and (iii) $20,000,000 principal amount of Series A debentures of Mint (the “Debentures“), being all of the Series A debentures. The Common Shares being purchased represent 56% of the outstanding common shares of Mint on a non-diluted basis (60% if the Subscription Receipts were to be exercised). A copy of the early warning news release has been filed in SEDAR under Mint’s profile.

Mint also announces that the Buyers and Mint have entered into an agreement to amend the trust indenture under which the Debentures have been issued (i) to remove a provision in the trust indenture which results in the Debentures becoming due and payable upon a change of control in Mint, and (ii) to permit the payment of interest in the form of common shares rather than subscription receipts exercisable for Common Shares for no additional consideration. The amendments will require formal approval by the Buyers in compliance with the procedures under the trust indenture. Pending formal approval, the Buyers have agreed to waive any demand or default under the trust indenture which might otherwise arise out of the change of control described above or the failure to pay the installment of interest due on December 31, 2019.

Mint also announced that it has entered into an agreement with Firas Al Fraih (the “Observer“), a director and senior officer of the Buyers, under which the Observer will be entitled to attend meetings of the board of directors of Mint other than (i) board meetings or portions thereof held in camera, (ii) as reasonably necessary to preserve attorney-client privilege between Mint and its legal counsel; or (iii) meetings or portions thereof which are limited to independent directors where the Observer would not meet the then-applicable standards for independence.

ABOUT GLOBAL BUSINESS SERVICES FOR MULTIMEDIA

GBS describes itself as one of the leading, dynamic and progressive technology-oriented business groups in the Middle East for the past 25 years. GBS was established in Abu Dhabi with subsidiaries in other Gulf Cooperation Counsel countries and Egypt. GBS was founded to invest and to manage entities in Telecommunications, Financial Services, Broadcasting, Film & Audio-Visual Production, and Events Management.

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. 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.

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
www.themintcorp.com