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Mogo Announces Business Combination with Difference Capital Financial
Mogo Announces Business Combination with Difference Capital Financial Canada NewsW...
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[{"type":"text","content":"\n\n\n\nMogo Announces Business Combination with Difference Capital Financial\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, April 15, 2019\n\n\n\nVANCOUVER, April 15, 2019 /CNW/ - Mogo Finance Technology Inc. (TSX:MOGO) (NASDAQ: MOGO) (\"Mogo\") is pleased to announce the signing of a definitive arrangement agreement (the \"Arrangement Agreement\") to merge Mogo (the \"Transaction\") by way of a plan of arrangement with Difference Capital Financial Inc. (TSX:DCF) (\"Difference\"). Following the combination, the resulting company (the \"Combined Entity\") is expected to be named 'Mogo Inc.'. \nUnder the terms of the Arrangement Agreement, each common share of Mogo (a \"Mogo Share\") will be exchanged for one (the \"Exchange Ratio\") Difference common share (a \"Difference Share\"). Upon completion of the Transaction, former Mogo shareholders will own approximately 80% of the Combined Entity on a fully diluted basis. Following completion of the Transaction, all of Mogo's outstanding convertible securities will become exercisable or convertible, as the case may be, for shares of the Combined Entity in accordance with the Exchange Ratio.\nThe Transaction is subject to Mogo shareholder approval, regulatory approval and satisfaction of other customary conditions. The Transaction is expected to close in the second quarter of 2019.\nTransaction Highlights\nFollowing the combination, the Combined Entity is expected to be named 'Mogo Inc.'. Mogo shareholders will own approximately 80% of the Combined Entity and Dave Feller will be Chairman and CEO and Greg Feller will be President, CFO and Director of the Combined Entity. The Combined Entity will continue to execute on Mogo's vision of building the leading fintech platform in Canada. The combination will give Mogo immediate access to approximately $9 - $10 million in cash, which reflects proceeds from Difference's two recently announced monetizations. In addition, Mogo will have control of Difference's portfolio of investments in some of the premier private technology companies in Can...