Mint Corp. has executed a definitive debt restructuring agreement that will see debt under the series A and series C debentures slashed to C$20 million of restructured series A debentures from the current combined debt of approximately C$59 million.
Debenture holders will also receive 17.3 million common shares; 11.7 million common share purchase warrants; and subscription receipts to acquire, for no additional consideration, 16 million common shares.
Each common share purchase warrant will be exercisable on or after Jan. 1, 2019, and on or before Dec. 31, 2021, for 1 common share at an exercise price of 10 Canadian cents.
The subscription receipts will become convertible in installments of 2 million shares. The subscription receipts will convert on or after the date they become convertible at the election of the holder and will expire Dec. 31, 2022, if not converted earlier.
The series A debt of C$20 million is set to mature Dec. 31, 2021, and, starting Oct. 1, 2019, will bear cash interest at 10% per year, payable quarterly.
Clariti Strategic Advisors provided strategic and financial advice to Mint and its majority equity stakeholder, Gravitas Financial Inc.
