TORONTO, ON--(Marketwired - June 30, 2016) - Gravitas Financial Inc. ("Gravitas") (CSE: GFI), an insider of The Mint Corporation ("Mint" or the "Corporation"), 333 Bay Street, Suite 650, Toronto, Ontario M5H 2R2, today announces that it has acquired ownership of and control over 46,815,277 common shares of Mint under a rights offering by Mint.
Each common share acquired by Gravitas under the rights offering was acquired at a subscription price of $0.05, for a total subscription price of $2,340,764. The common shares were acquired on June 30, 2016 from Mint and not in a market.
Immediately prior to completion of the rights offering, Gravitas beneficially owned 46,815,277 common shares of Mint and Gravitas had the right to receive 10,000,000 additional common shares of Mint: upon the exercise of warrants issued on June 23, 2015 and expiring on December 23, 2016 at a price of $0.05 per share. Gravitas' securityholding ownership and percentage of the common shares (calculated as if these share purchase rights had been exercised) was as follows:
- Gravitas would have owned 56,815,277 common shares immediately prior to the completion of the rights offering, representing a securityholding percentage of 67.93% of the common shares; and
- Gravitas would have owned 103,630,554 common shares immediately after the completion of the rights offering, representing a securityholding percentage of 76.75% of the common shares.
Gravitas' securityholding percentage of Mint common shares increased by 8.82%.
The common shares acquired by Gravitas under the rights offering were acquired for investment purposes. Gravitas has no current intention to acquire ownership of, or control over, additional securities of Mint.
Under the rights offering, Mint offered one right for each common share outstanding on June 3, 2016. The rights were offered to registered shareholders in each province and territory of Canada. Each right entitled the holder to purchase one common share at a subscription price of $0.05 on or before June 29, 2016.
Gravitas is a publicly listed company on the Canada Securities Exchange, trading under the symbol GFI. Gravitas was incorporated under the Canada Business Corporation Act and has its registered office and its principal place of business is 333 Bay Street, Suite 650, Toronto, Ontario M5H 2R2. Gravitas is an integrated financial and advisory services firm providing services in financial and capital markets. Gravitas also acquires significant long term interest in and develops businesses that have a high potential to value addition through Gravitas' key strategic inputs and management support. In addition, Gravitas operates a venture capital arm that invests in meaningful interests in fast growing companies in both the public and private markets.
The head office of Mint is located at 333 Bay Street, Suite 650, Toronto, Ontario M5K 2R2.
An early warning report in respect of the above-noted transaction will be filed on SEDAR at www.sedar.com. A copy of the early warning report may be obtained from Gravitas by contacting Vikas Ranjan at the address set out below.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas is a financial services, research and analytics holding company providing, through its various subsidiaries, capital market services to individual, private and public company clients. Through its portal www.smallcappower.com, it also provides information to corporate and individual investors. Gravitas conducts its operations from its head office in Toronto, Canada. Gravitas intends to utilize the public company platform and enhanced access to capital to grow its existing business and to provide new and enhanced products to its clients.