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Mogo Announces Approval of Amendments to its Convertible Debentures including Extension of the Maturity Date to May 2022
Mogo Announces Approval of Amendments to its Convertible Debentures including Extension of...
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[{"type":"text","content":"\n\n\n\nMogo Announces Approval of Amendments to its Convertible Debentures including Extension of the Maturity Date to May 2022\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 25, 2020\n\n\n\nVANCOUVER, May 25, 2020 /CNW/ - Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (\"Mogo\" or the \"Company\"), one of Canada's leading financial technology companies, announced today that holders (the \"Convertible Debentureholders\") of its 10.0% convertible senior secured debentures due May 31, 2020 (TSX: MOGO.DB) (the \"Convertible Debentures\") passed, at a meeting of Convertible Debentureholders held on Friday May 22, 2020, an extraordinary resolution approving certain amendments to the indenture governing the Convertible Debentures, including the extension of the maturity date to May 31, 2022.  \nConvertible Debentureholders voted over 94% in favour of the extraordinary resolution, with over 78% of the outstanding aggregate principal amount of Convertible Debentures being voted.\nThe Convertible Debentures will continue to trade under the same trading symbol as the original Convertible Debentures and the following amendments were approved and will be made to the indenture governing the Convertible Debentures:\nExtension of the maturity date of the Convertible Debentures from May 31, 2020 to May 31, 2022; Reduction of the conversion price of the principal by 45% from $5.00 to $2.75 per common share; Increase in the frequency of interest payments from semi-annually to quarterly; Increase in the early conversion trigger from 115% to 125% (such price now equaling $3.4375 per common share based on the amended conversion price) to allow investors greater opportunity to take advantage of a rising share price and thus an extended period to benefit from the coupon payment; Amendment of the provisions relating to payment of interest upon early conversion so as to ensure that payment of interest through the issuance of common shares is permitted by and complies with applicable securities regulations and stock exchange policies; and Amendment of the definit...