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Mint offering promissory notes

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Mint offering promissory notes

The Mint Corp. is offering up to C$2.5 million of unsecured promissory notes issued at par.

The notes will bear interest at 15% per annum, which will accrue and be payable on maturity, and 18% per annum interest on overdue principal and interest. They will mature a year after the company closes the offering. Mint may prepay the notes at any time provided that holders will be paid a minimum of six months interest at the time of prepayment.

Subscribers will receive two non-transferable bonus warrants for every C$1.00 of notes issued. Each warrant will entitle the holder to purchase one common share of Mint for 20 Canadian cents at any time during the 12 months following the first closing. Mint may accelerate the expiry date of the warrants if the common shares close above 40 cents for 10 consecutive trading days.

The offering is expected to be completed in one or more closings and is subject to approval from the TSX Venture Exchange.

Mint plans to use the net proceeds for working capital purposes to scale up revenue generating activities in the United Arab Emirates. It also plans to use them to invest in Indian digital payment platform Vpay.

Holders of notes will be entitled to participate in any equity private placement closed by Mint prior to repayment of the notes through exchanging their notes for securities in that private placement. The price payable by the holders will be the greater of a 15% discount to the price otherwise payable in the equity private placement and the lowest price permitted by the TSX.

Mint will compensate finders who introduce purchasers of notes by giving them a cash commission equal to 4% of the gross proceeds from the sale of notes to subscribers introduced by the finder. It will also give them eight non-transferable finder warrants for every $100 principal amount of notes issued to subscribers introduced by the finder. Each finder warrant is exercisable for one common share during the 12 months following the first closing of the offering for an exercise price of 20 cents.