In accordance with the terms and conditions of the debt settlement agreement, the Company has settled the aggregate debt owed to creditors for an amount of approximately
- The debt due to MTG was settled by: (i) a one-time cash payment of
$4,790,000; and (ii) assignment of a three-year non-interest bearing unsecured promissory note issued by MME to the Company, in the principal amount of $2,210,000.
- The debt owed to GBS was settled by: (i) the assignment of an unsecured promissory note with a term of three years, non-interest bearing, issued by MME to the Company, for a principal amount of
$2,010,000; and (ii) transfer of certain real estate assets located in Dubai, United Arab Emiratesestimated at $990,000on the basis of an evaluation report drawn up by CBRE Dubai LLCdate December 23, 2021(there “Real estate assets“).
In addition, in accordance with the terms of the debt settlement agreement, MME and MGEPS settled approximately
The debt settlement was approved by the
A copy of the debt settlement agreement form was attached to the Company’s management information circular dated
Certain statements contained in this press release constitute “forward-looking” statements. These statements relate to future events or future performance and, in some cases, can be identified by the use of words such as “estimated”, “intends”, “plans”, “expects”. to”, “anticipates” or variations of these words and phrases as statements that certain actions, events or results “could”, “could”, “could”, “should”, “would” occur, or the negative forms of any of these words and other similar expressions.
All such statements involve substantial known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be specific indications as to whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this press release are based on what Mint management believes to be reasonable assumptions as of the date of this press release, Mint cannot assure investors that actual results will be consistent with such forward-looking statements. . These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time to time in Mint’s current filings with securities regulatory authorities, which documents may be viewed at www.sedar .com. These forward-looking statements are made as of the date of this press release, and Mint disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. applicable securities require it.
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