TORONTO, ONTARIO- NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES
The Mint Corporation (TSX VENTURE:MIT) (“Mint” or the “Company”) announces that, as required pursuant to its agreement in principle with the holders of its Series A debentures (announced on April 28, 2017), its board of directors has approved a rolling 10% stock option plan (the “New Plan”). The New Plan will require the approval of the Company’s shareholders and the TSX Venture Exchange. The New Plan will be submitted to the Company’s shareholders for approval at its next annual meeting.
The New Plan will replace the Company’s fixed number stock option plan (the “Old Plan”) which limited the number of options to 2,691,528. The Company currently has 135,022,742 shares outstanding. Pursuant to the New Plan, the board of directors may grant stock options to directors, officers, employees and consultants of the Company up to a maximum of 10% of the total number of issued and outstanding shares of the Company from time to time.
Mint has granted options on 8,700,000 common shares, including options on 6,600,000 common shares issued to directors. The director options will not be exercisable until shareholder approval of the New Plan has been obtained. All of the options are exercisable at a price of $0.10 per share and expire on May 29, 2020. The stock options, and any common shares issued upon exercise of those stock options, are subject to a four-month resale restriction expiring on September 30, 2017.
General Disclosure Statement
Investors are encouraged to read the Management Discussion and Analysis Documents filed on SEDAR for a description of additional risks associated with investing in the Company. The following statement is only intended to inform investors on certain of the many risks associated with investing in the Company. The Company operates predominantly in the Middle East. It is exposed to significant political, legal and regulatory risks associated with operating in this emerging and volatile market. The key management personnel and operations of the Company are based in countries which do not have strong and reliable judicial enforcement. This results in additional risk with respect to the enforcement of legal and contractual rights, including, for example but without limitation, the enforcement of the rights of creditors, the protection of intellectual property rights, the enforcement of joint venture arrangements, and binding key employees with non-compete agreements. Since inception, the Company has not reached profitability. The Company relies heavily on debt financing to fund its business plan. This has exposed the Company to unique financial risks associated with significantly higher than normal debt levels. Investors in the company are strongly encouraged to be aware of the significant risks of the Company, to conduct additional due diligence and to seek the help of a licensed investment advisor before investing in securities of the Company. Moreover, investors must be aware that the purchase of the Company’s securities involves a number of additional significant risks and uncertainties, as disclosed in the Management Discussion and Analysis reports filed on SEDAR by the Company. Investors considering purchasing securities of the Company should be able to bear the economic risk of total loss of such investment.
About The Mint Corporation
Established in 2004, Mint is a vertically integrated prepaid card and payroll services provider with its own processing platform, ATM network and proprietary branded card products delivered to unbanked workers in the United Arab Emirates. Mint operates as a payroll card and processing services provider in the UAE through its ownership in Mint Middle East LLC and Mint Gateway for Electronic Payment Services LLC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: The Mint Corporation