Business
Mogo Closes $15 Million Public Offering of Convertible Debentures
Mogo Closes $15 Million Public Offering of Convertible Debentures Canada NewsWire ...
About this update from Orion Digital Corp.
[{"type":"text","content":"\n\n\n\nMogo Closes $15 Million Public Offering of Convertible Debentures\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 6, 2017\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE OVER U.S. NEWSWIRE SERVICES/\n\n\n\nVANCOUVER, June 6, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO; OTCQX: MOGOF) (\"Mogo\" or the \"Company\"), one of Canada's leading financial technology companies, and a provider of innovative financial products to consumers, is pleased to announce that it has today closed its previously announced commercially reasonable \"best efforts\" public offering (the \"Offering\") of 10% senior secured convertible debentures (the \"Debentures\").  The Offering was fully subscribed. Mogo sold $15,000,000 aggregate principal amount of the Debentures pursuant to the Offering at a price of $1,000 per Debenture.  Mackie Research Capital Corporation, Cormark Securities Inc., Canaccord Genuity Inc., Haywood Securities Inc. and M Partners Inc. (the \"Agents\") acted as agents under the Offering.\n\nNet proceeds from the Offering will be used to fund the growth of the Company's loan portfolio, with an emphasis on its long-term loan products. The Company's loans are primarily funded using two credit facilities with Fortress Credit Co LLC, with a portion of each loan being funded by the Company.  The net proceeds of the Offering will be used to satisfy such portion of each new loan. \n\nThe Debentures bear interest from today's date at 10% per annum, payable semi-annually on May 31 and November 30 of each year.  The Debentures are conditionally listed for trading on the Toronto Stock Exchange (the \"TSX\") under the symbol \"MOGO.DB\",  subject to the Company fulfilling all of the listing requirements of the TSX on or before August 4, 2017.\n\nMr. Michael Wekerle, Difference Capital, and certain of Mr. Wekerle's associates, have acquired $6,500,000 aggregate principal amount of the Debentures under the Offering.  Mr. Wekerle commented:\n\n\"There is no...