Mr. Greg Feller reports
MOGO EXTENDS INNOVATIVE MARKETING AGREEMENT WITH POSTMEDIA TO END OF 2024
Mogo Inc. has amended its marketing collaboration agreement with Postmedia Network Inc. and extended the agreement until Dec. 31, 2024.
Postmedia is a Canadian news media company representing more than 130 brands across multiple print, on-line and mobile platforms. Postmedia reaches 17.4 million Canadians each month across its platforms.
"Postmedia has been a valuable partner to Mogo and we're pleased to extend the marketing agreement with them until the end of 2024," said Greg Feller, president and chief financial officer of Mogo. "As we return our focus to growth, we expect that Postmedia's broad reach will play an important role in generating product awareness and member growth while continuing to build the Mogo brand in an efficient way."
Under the extended agreement (which is effective Jan. 1, 2023), Mogo will receive discounted access to Postmedia's network. As part of the extended agreement, the companies agreed to: (1) amend the exercise price of the 77,778 outstanding warrants of the company held by Postmedia to $2.79 per share, each such warrant entitling Postmedia to acquire one Mogo share; and (2) extend the term of these warrants from Jan. 25, 2023, to Sept. 20, 2025. The amendments to the outstanding warrants will be effective as of the date that is 10 business days following the date hereof. In addition, Mogo will issue an additional 89,000 warrants, each such new warrant entitling Postmedia to acquire one Mogo share at the same price as the amended warrants for a period of two years and six months from the date of issuance. Issuance of the 89,000 new warrants and the amendments to the existing warrants are subject to Toronto Stock Exchange approval.
Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified. In addition, all references to the number of shares issuable on the exercise of warrants in this news release are on a postconsolidation basis.
Mogo, one of Canada's leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. Mogo's trade app, MogoTrade, offers commission-free stock trading that helps users make a positive impact with every investment and, together with Moka, Mogo's wholly owned subsidiary bringing automated, fully managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform. Mogo also offers digital loans and mortgages. Through Mogo's wholly owned subsidiary, Carta Worldwide, the company also offers a digital payment platform that powers the next-generation card programs from innovative fintech companies in Europe and Canada.
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