An anonymous director reports

MOGO CLOSES $15 MILLION PUBLIC OFFERING OF CONVERTIBLE DEBENTURES

Mogo Finance Technology Inc. has closed its previously announced commercially reasonable best-efforts public offering of 10 per cent senior secured convertible debentures. The offering was fully subscribed. Mogo sold $15-million aggregate principal amount of the debentures pursuant to the offering at a price of $1,000 per debenture. Mackie Research Capital Corp., Cormark Securities Inc., Canaccord Genuity Inc., Haywood Securities Inc. and M Partners Inc. acted as agents under the offering.

Net proceeds from the offering will be used to finance the growth of the company's loan portfolio, with an emphasis on its long-term loan products. The company's loans are primarily financed using two credit facilities with Fortress Credit Co. LLC, with a portion of each loan being financed by the company. The net proceeds of the offering will be used to satisfy such portion of each new loan.

The debentures bear interest from today's date at 10 per cent per annum, payable semi-annually on May 31 and Nov. 30 of each year. The debentures are conditionally listed for trading on the Toronto Stock Exchange under the symbol MOGO.DB, subject to the company fulfilling all of the listing requirements of the TSX on or before Aug. 4, 2017.

Michael Wekerle, Difference Capital and certain of Mr. Wekerle's associates have acquired $6.5-million aggregate principal amount of the debentures under the offering. Mr. Wekerle commented:

"There is no question that the world of consumer finance is going digital. I believe Mogo is the clear leader in Canada with the best digital experience [and] brand, and over 400,000 members and growing. I am excited to be a part of this company that I think is building a true challenger brand to the banks and helping redefine one of Canada's largest industries."

Because of his current significant shareholdings in Mogo, Mr. Wekerle is restricted from converting any debentures he and his associates and affiliates hold until Mogo obtains disinterested shareholder approval in respect thereof. Mogo plans to seek such shareholder approval at a special meeting of shareholders to be held in the third quarter of this year.

Other investors participating in the offering include Jim Treliving, owner of Boston Pizza International Inc.; Joe Mimran, founder of Club Monaco and Joe Fresh; Manjit Minhas, co-founder and co-owner of Minhas Breweries; and Michele Ronanow, co-founder of Buytopia.ca.

A copy of the final short form prospectus relating to the offering is available at SEDAR.

About Mogo Finance Technology Inc.

Mogo -- a Vancouver-based financial technology company -- is focused on building the best digital banking experience in Canada, with innovative products designed to help consumers get in control of their financial health. Built mobile first, users can sign up for a free MogoAccount in only three minutes and get access to free credit score monitoring, a free spending account, mortgages and personal loans. With more than 400,000 members and growing, Mogo is leading the shift to digital banking in Canada and offering consumers real alternatives to the big banks.

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