April 28, 2017 / 11:20 AM / 3 months ago

BRIEF-Mint enters into debt restructuring agreement in principle

2 Min Read

April 28 (Reuters) - Mint Corp:

* Mint enters into debt restructuring agreement in principle

* Mint - entered into non-binding term sheet with gravitas financial ,holders of substantially all series a debentures, all of series c debentures

* Mint Corp - term sheet provides for a restructuring of debt owing to senior debentureholders

* Mint Corp - mint has announced its inability to make payments on series a, series b and series c debentures

* Mint Corp - under term sheet, debt under series a and series c debentures owed to senior debentureholders is to be replaced by $20 million of debt

* Mint Corp - new debt is to mature on December 31, 2021 and bear interest at 10% per annum

* Mint Corp - senior debentureholders will also receive 17.3 million common shares of mint, 11.7 million common share purchase warrants of mint

* Mint Corp - senior debentureholders will also receive subscription receipts to acquire 16 million common shares of mint for no additional consideration

* Mint - each warrant to be exercisable after 2 years and on or before maturity date of new debt for 1 common share of mint at exercise price of $0.10 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below