05:56:32 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Mint Corp (The)
Symbol MIT
Shares Issued 135,022,742
Close 2017-01-30 C$ 0.05
Market Cap C$ 6,751,137
Recent Sedar Documents

Mint unit to buy UAE company for $27.25M (U.S.)

2017-02-02 14:49 ET - News Release

Mr. Vishy Karamadam reports

MINT PROVIDES CORPORATE UPDATE

The Mint Corp. has provided the following update. Mint Middle East LLC (MME), a company 51 per cent owned by Mint and Mint Gateway for Electronic Payment Services LLC, a company 51 per cent beneficially owned by Mint (together referred to as Mint Group), has signed a term sheet to acquire a UAE-central-bank-licensed financial company through a company to be incorporated. The purchase price is $27.25-million (U.S.), with $11.7-million (U.S.) to be financed by end of the month of February, 2017. The company is currently exploring options to raise the capital and expects that the capital will be raised by the acquirer without the issuance of securities by Mint. There is no assurance that the company can raise the required capital at this time.

The Mint Group owns the technology used to operate as a payroll card and processing services provider in the United Arab Emirates. However, the Mint Group is dependent on external third party banks and other financial institutions when issuing payroll cards and offering additional financial services to its cardholders. Acquiring a licensed financial entity in the UAE will allow the Mint Group to offer a greater range of financial products and services to its cardholders and to more quickly respond to opportunities and changes in the marketplace. In particular, Mint expects that the acquisition will facilitate the launch of a lending program to payroll cardholders.

The acquisition will not constitute a non-arm's-length transaction.

Completion of the acquisition is subject to conditions including the execution of a definitive agreement, stock exchange approval and the approval of the Central Bank of the United Arab Emirates.

We seek Safe Harbor.

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