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Mogo Provides Enhanced Terms to Proposed Convertible Debenture Amendments
Mogo Provides Enhanced Terms to Proposed Convertible Debenture Amendments Canada N...
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[{"type":"text","content":"\n\n\n\nMogo Provides Enhanced Terms to Proposed Convertible Debenture Amendments\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 7, 2020\n\n\n\nVANCOUVER, May 7, 2020 /CNW/ - Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (\"Mogo\" or the \"Company\"), one of Canada's leading financial technology companies, announced today that it has provided enhanced terms to the amendments to its 10.0% convertible senior secured debentures due May 31, 2020 (TSX: MOGO.DB) (the \"Convertible Debentures\") to be considered at the meeting of holders of the Convertible Debentures (\"Convertible Debentureholders\") to be held on May 22, 2020 (the \"Meeting\"). \nBased on feedback from Convertible Debentureholders, the Company has announced revised terms to the originally proposed amendments. Mogo now proposes the following enhanced amendments (together with the originally proposed amendments, the \"Amendments\") for Convertible Debentureholders to consider at the Meeting:\nReduce the conversion price of the principal by 45% from $5.00 to $2.75 per common share. Previously, the Company had proposed reducing the conversion price from $5.00 to $3.50 per common share; Removal of the proposed amendment to establish a minimum price at which common shares may be issued to repay the principal amount of the Convertible Debentures at maturity; andIn addition to the previously proposed early consent fee of 1% for those Convertible Debentureholders who consent to the Amendments before 5pm (Vancouver time) on May 15, 2020 (the \"Early Consent Deadline\") by validly submitting their proxy or voting information form, the Company is announcing it will also pay a solicitation fee of 1% of the principal amount of Convertible Debentures that are voted in favor of the Amendments prior to the Early Consent Deadline to the soliciting dealer who solicits such proxy or voting instruction voted in favor of the Amendments.\"Based on discussions with Convertible Debentureholders, we're enhancing the previously proposed amendments to the Convertible Debentures and have received strong ...