The Mint Corporation
TSX VENTURE : MIT

The Mint Corporation
Gravitas Financial Inc.
CSE : GFI
CSE : GFI.CN

January 05, 2017 18:24 ET

Gravitas Exercises Mint Corporation Warrants

TORONTO, ONTARIO--(Marketwired - Jan. 5, 2017) - The Mint Corporation (TSX VENTURE:MIT) ("Mint") and Gravitas Financial Inc. (CSE:GFI)(CSE:GFI.CN) ("Gravitas") are pleased to announce that on December 23, 2016, Gravitas exercised warrants to purchase 10,000,000 common shares of Mint for a total exercise price of $500,000 ($0.05 per common share).

Gravitas' securityholding percentage of common shares is calculated on a partially diluted basis and accordingly the exercise of the warrants did not change Gravitas' securityholding percentage of common shares. Gravitas' securityholding percentage of the common shares was 76.75% both before and after the exercise of the warrants.

Immediately before exercising the warrants, Gravitas owned 93,630,554 common shares (representing 74.89% of the common shares) and 10,000,000 warrants (representing 100% of the warrants). Immediately after exercising the warrants, Gravitas owned 103,630,554 common shares (representing 76.75% of the common shares) and no warrants.

The warrants were exercised by Gravitas because they were about to expire. The common shares received upon exercise of the warrants were acquired for investment purposes.

The head office of Mint is 333 Bay Street, Suite 650, Toronto, Ontario M5H 2R2.

The address of Gravitas is 333 Bay Street, Suite 650, Toronto, Ontario M5H 2R2. Gravitas was incorporated under the Canada Business Corporations Act. Gravitas is a financial services and merchant banking firm.

The exercise of the warrants was a private transaction between Mint and Gravitas. It did not occur in a market.

A copy of the early warning report concerning this transaction may be found on www.SEDAR.com.

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 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.

About Gravitas Financial Inc.

Gravitas is a diversified financial services and merchant banking firm that has an active presence in fast growing international regions including China, India and the Middle East. Gravitas has made strategic investments in high quality and well-managed financial and capital market services companies. The Company currently has ownership interests in various distribution channels, including its 40% ownership in Portfolio Strategies Corporation (PSC), one of Canada's largest independent Mutual Fund Dealers, with over $2.5 billion in assets under administration and 270 Advisors across Canada.

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.

Contact Information

  • Rishi Tibriwal
    Chief Financial Officer of The Mint Corporation
    and Gravitas Financial Inc.
    (647) 252-1675
    rtibriwal@mintinc.com