Mint Announces Intention to Make Offer to Series B Debentureholders

TORONTO, ONTARIO--(Marketwired - June 7, 2017) -

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 it intends to make a offer to the holders of its Series B Debentures pursuant to which Mint will offer to acquire those debentures for cancellation on the terms set forth in this news release.

Background

On April 28, 2017, Mint announced that it had entered into a non-binding term sheet (the "Term Sheet") with the holders (the "Senior Debentureholders") of substantially all its Series A debentures and all of its Series C debentures. The Term Sheet provides for a restructuring of the debt owing to the Senior Debentureholders. At the same time, Mint announced a proposed restructuring of its Series B debentures.

Mint has three outstanding debenture series. The amount owing on the Series A debentures is $49,019,962 in principal plus accrued interest (of which, $48,979,520 in principal plus accrued interest is owed to the Senior Debentureholders). The amount owing on the Series B debentures is $3,452,000 in principal, plus accrued interest and bonus interest totalling $1,170,464 as of the maturity date of March 7, 2017. The amount owing on the Series C debentures is $10,000,000 in principal plus accrued interest.

Mint has previously announced its inability to make payments on the Series A, Series B and Series C debentures.

Series A and Series C Debt Restructuring

Under the Term Sheet, the debt under the Series A and Series C debentures owed to the Senior Debentureholders is to be reduced to $20 million of Series A debentures (the "Series A Debt"). The Senior Debentureholders will also receive (a) 17,300,000 common shares of Mint, (b) 11,700,000 common share purchase warrants of Mint, and (c) subscription receipts to acquire, for no additional consideration, 16,000,000 common shares of Mint. Each warrant will be exercisable after two years and on or before the maturity date of the Series A Debt for one common share of Mint at an exercise price of $0.10. The subscription receipts will automatically convert into 2,000,000 common shares of Mint, without payment of additional consideration, at the end of each of the first eight three-month periods following the restructuring of the Series A and Series C debentures (subject to adjustment if any of the Series A Debt is prepaid prior to that conversion date).