Global Business Services for Multimedia and Mobile Telecom Group LLC (“Buyers”) entered into a non-binding letter of intent to acquire 55.6% stake in The Mint Corporation (TSXV:MIT) from Gravitas Financial Inc. (CNSX:GFI) and others on August 22, 2019. Under the terms of the non-binding letter of intent, the net purchase price to be paid by the Buyers for Mint shares is less than the aggregate total amount of GFI's secured debt. Buyers signed a definitive agreement to acquire 55.6% stake in The Mint Corporation from Gravitas Financial Inc. and others for CAD 6.6 million on September 26, 2019. Under the terms of the agreement, As part of the transaction, buyers will acquire (i) 109.67 million common shares of Mint; (ii) 16 million subscription receipts exercisable for 16 million common shares of Mint for no additional consideration, (iii) 11.7 million warrants to purchase 11.7 million common shares of Mint at an exercise price of CAD 0.10 per share, (iv) Gravitas' interest in any outstanding loans or other indebtedness of Mint and its associates (being loans and indebtedness of approximately CAD 13.33 million and (v) certain securities of Mint registered in the name of or otherwise controlled by the fiduciary, acting on behalf of the beneficial holders of substantially all of Gravitas' secured debt. The aggregate purchase price payable by the buyers to Gravitas in respect of the Gravitas Mint Shares and Gravitas Mint Indebtedness is CAD 1.78 million and CAD 0.045 million respectively and CAD 4.77 million payable to the majority bondholder. The transaction is subject to the negotiation and execution of definitive agreements, receipt of all requisite corporate, Gravitas shareholders, including the parties receiving all necessary shareholder approvals, TSXV and regulatory approvals, and another security holder of Mint agreeing to the sale of certain securities, including interests in debentures, of Mint. As of October 29, 2019, shareholders of Gravitas Financial approved the transaction. Transaction is expected to close prior to November 30, 2019. Gravitas intends to use all of the proceeds of the transactions to repurchase all of the secured debt in order to satisfy and discharge its obligations under the Indentures, other than such portion of the proceeds that the debtholder has approved for use to pay Gravitas' operating expenses. None of the proceeds from the transaction shall be distributed to shareholders. Jason D. Meretsky of Meretsky Law Firm acted as legal advisor to Global Business Services and Mobile Telecommunication Group LLC. Blake, Cassels & Graydon LLP acted as legal advisor to majority bondholder of The Mint Corporation.

Global Business Services for Multimedia and Mobile Telecom Group LLC (“Buyers”) completed the acquisition of 55.6% stake in The Mint Corporation (TSXV:MIT) from Gravitas Financial Inc. (CNSX:GFI) and others on January 6, 2020. Gravitas sold 103 million shares for CAD 1.1 million. Global Business Services increased its stake in The Mint Corporation through the transaction.