Toronto, Ontario--(Newsfile Corp. - July 12, 2019) - The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") announces that it has implemented a deferred compensation plan (the "Plan") intended to preserve cash while Mint is subject to the participation agreement described in the Company's news release of June 5, 2019.
The Plan is intended to cover the period from June 1, 2019 to July 31, 2019. During that period, certain service providers have agreed to work at a reduced cash rate in return for Bonus Compensation which is (i) deferred, (ii) convertible into common shares of Mint at the election of Mint or the service provider, and (iii) otherwise payable in cash.
A total of $140,832 of bonus compensation has been allocated. This compensation vests in installments, of which $70,414 has vested, $35,207 could vest on July 15, 2019 and $35,211 could vest on July 31, 2019. A service provider's bonus compensation vests only if that service provider continues to provide services to Mint on the vesting date.
The $70,414 of bonus compensation, which is now vested, is convertible into common shares of Mint at a price of $0.05 per share. As additional bonus compensation vests, the conversion price will be fixed at the lowest price permitted by the Tsx Venture Exchange, being the higher of $0.05 per share and 75% of the last closing price of the common shares on the vesting date.
Under the Plan, $94,499 of bonus compensation has been allocated to directors and senior officers of the Company, of which $47,248 has vested, $23,624 could vest on July 15, 2019 and $23,627 could vest on July 31, 2019. The allocation of bonus compensation to these parties, convertible into common shares, is considered a "related party transaction" as defined in Multilateral Instrument 61-101 ("MI 61-101"). The allocation of bonus compensation is exempt from the formal valuation requirement and the minority shareholder approval requirement of MI 61-101 because, at the time the allocations were agreed to, neither the fair market value of the allocations nor the fair market value of the consideration for the allocations, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization.
The Plan and the issuance of common shares under the Plan is subject to TSX Venture Exchange approval.
The Mint Corporation through its majority-owned subsidiaries (the "Mint Group"), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.
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
The Mint Corporation
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46256