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Toronto's Mint Invests US$850,000 in Indian Mobile Payment Company

The Mint Corp., a Toronto-headquartered globally certified payments company, has obtained an option to acquire a 75 per cent ownership interest in vPay, a mobile payment solution business in India. vPay is a rapidly-growing, fully-integrated payment automation gateway business with blue-chip Indian corporate clients and is currently operating as a business division of vMobo Inc. Mint has invested US$850,000 to acquire an eight per cent secured convertible promissory note issued by vMobo Inc., with an option to invest an additional US$1.15 million to acquire an additional note. The investment in vMobo gives Mint a one-year option to acquire a 75-per-cent ownership interest in vPay for an additional investment of US$1 million into vPay. vMobo has agreed to transfer the vPay assets into a separate company. vPay, once divested from vMobo, will own all the assets, intellectual property and technology of its payment solution platform, and the client relationships for its payment services.

Information summarized from: 
Canada Stockwatch

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