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From: Julius Wong2/22/2021 9:04:31 AM
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Mogo stock slides on raising $54M through registered direct offering
Feb. 22, 2021 5:28 AM ET Mogo Inc. (MOGO) By: Niloofer Shaikh, SA News Editor

Mogo (NASDAQ: MOGO) -11.8% premarket on selling ~5.35M common shares at $10.10/share in a registered direct offering, for gross proceeds of ~$54M.

Offering is expected to close on February 24.

Additionally, the company has agreed to issue to the investors unregistered warrants to purchase up to ~2.67M common shares in a concurrent private placement.

Each three and one half years Warrant will entitle its holder to acquire one common share at $11/share.

A portion of the net proceeds will be used to fund the cash component of the initial purchase price of Coinsquare and the remaining net proceeds will used for general corporate and working capital purposes.
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