Mogo announces closing of $54M registered direct offering priced at-the-market

Mogo announced that it has closed its previously announced sale to certain institutional investors of an aggregate of 5,346,536 common shares at a purchase price of $10.10 per common share in a registered direct offering priced at-the-market under the Nasdaq Capital Market rules. The aggregate gross proceeds to the company were approximately $54M, and after deducting the placement agent's fees and the estimated expenses of the Offering, the net proceeds from the Offering will be approximately $49.7M. H.C. Wainwright & Co. acted as the exclusive placement agent for the Offering, and Raymond James and Eight Capital acted as financial advisors to Mogo in connection with the Offering. Additionally, Mogo completed the issuance to the investors of unregistered warrants to purchase up to an aggregate of 2,673,268 common shares in a concurrent private placement. Mogo intends to use a portion of the total net proceeds from the Offering and the ATM Offering of approximately $64.1M to fund the cash component of the initial purchase price of the previously announced investment in Coinsquare Ltd., with the remaining net proceeds to be used for general corporate and working capital purposes.