Mint Corp. and Mint Capital LLC have entered into a consulting agreement with 2586842 Ontario Limited, seeking assistance in raising financing for Mint's subsidiaries in the United Arab Emirates.
Under the agreement, the consultant will get C$59,000, payable by issuance of 1,180,000 common share purchase warrants, along with other work fees. Each warrant is exercisable for one of Mint's common share at 13 cents over the three-year period ending Nov. 27, 2020.
The warrants will vest in two installments: 50% of the warrants will vest upon execution of a term sheet prepared under the agreement and entered into between a Mint Capital Group member and a funder or financial adviser and the remaining 50% of the warrants will vest upon closing of the financing.
Further, Mint granted the options to purchase 250,000 common shares under its stock option plan, including options on 100,000 common shares issued to a company officer. The options will not be exercisable until shareholders approve the amended option plan. The options are exercisable at 13 cents per share and expire on Nov. 28, 2020.
Half of the options vest immediately and the other half vest on Nov. 28, 2018. The stock options and any common shares issued upon exercise of the options are subject to a four-month resale restriction expiring on March 29, 2018.