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
- 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 ofUS$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 inDubai, United Arab Emirates valued atUS$990,000 pursuant to a valuation report prepared byCBRE Dubai LLC , datedDecember 23, 2021 (the "Real Estate Assets").
In addition, pursuant to the terms of the Debt Settlement Agreement, MME and MGEPS settled approximately
The Debt Settlement was approved by the
A copy of the form of Debt Settlement Agreement was attached to the management information circular of the Company dated
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.
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