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Early Warning press release in connection with exercise of portion of convertible loan issued to The Mint Corporation
|By PR Newswire
|August 5, 2014 06:06 PM EDT
TORONTO, Aug. 5, 2014 /CNW/ - This press release is being disseminated
by Gravitas Financial Inc. ("Gravitas"), 333 Bay Street, Suite 650,
Toronto, ON, M5K 2R2, as required by National Instrument 62‐103 The Early Warning System and Related Take Over Bids and Insider
Reporting Issues in connection with the filing of an early warning report regarding the
acquisition of common shares of The Mint Corporation ("Mint"), 2380
Wyecroft Road, Unit 4B, Oakville, ON L6L 6W1.
Gravitas announced today that on July 31, 2014 it exercised its
conversion right with respect to the principal amount of $295,412 (the
"Converted Amount") of a 12% convertible subordinate secured debenture
with Mint in the principal amount of $3.0 million (the "Convertible
Loan"). The Converted Amount was converted into 5,908,240 common
shares at a price of $0.05 per share, representing 18% of the issued
and outstanding common shares of Mint. Following such conversion,
$2,326,508 is outstanding to Mint under the Convertible Loan.
The balance of the Convertible Loan is convertible (the "Conversion
Right"): (a) during the period ending November 25, 2014, at a price of
$0.05 per share with respect to $1,204,588 (excluding the Converted
Amount) and at a price of $0.055 per share with respect to the balance
(of which $1,121,920 was advanced on March 29, 2014), and
(b) thereafter until November 25, 2015, at a price of $0.10 per share.
Interest is payable on the Convertible Loan at 12% per annum and
Gravitas may elect to convert any outstanding interest into common
shares, subject to TSX Venture Exchange approval and at the lowest
price permitted under stock exchange rules.
Taking into account the change in exercise price on November 25, 2014
and the existing Convertible Amount, and assuming there is no
conversion of interest into common shares, Gravitas could exercise the
conversion right under the Convertible Loan to receive (a) before
November 25, 2014, up to an additional 21,127,199 common shares
(representing 27,035,439 common shares or 50.1% of the common shares
after conversion and inclusive of the common shares issued upon
exercise of the Converted Amount), and (b) after November 25, 2014, up
to an additional 12,701,481 common shares (representing a total of
39,736,919 common shares, being 59.6% of the outstanding common shares,
after conversion and inclusive of the common shares issued upon
exercise of the Converted Amount). The above calculations are based
on there currently being 26,927,513 common shares of Mint issued and
outstanding. The hold period associated with the Convertible Loan has
Any accrued interest on the Convertible Loan may also be converted into
common shares at the greater of the price applicable to the outstanding
principal and the Market Price (as determined under TSX Venture
Exchange policies) at the time of conversion. These common shares
would be subject to a regulatory resale restriction of 4 months and 1
day from the date of issuance.
This transaction is exempt from the formal take-over provisions of the Securities Act (Ontario) pursuant to section 100.1(1) of the Act. The securities were
acquired for investment purposes and, subject to the above
restrictions, Gravitas may increase or decrease its beneficial
ownership or control depending on market or other conditions.
A copy of the Early Warning Report may be found on www.SEDAR.com.
The issuance of this news release is not an admission that an entity
named in the news release owns or controls any described securities or
is a joint actor with another named entity.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas is a public financial services, research and analytics company
based in Toronto, Canada, which provides capital market services to
private and public company clients. Through its portal www.smallcappower.com, it provides information to corporate and individual investors.
SOURCE Gravitas Financial Inc.
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