Mogo announces early conversion of convertible debentures due 2022

By Cady Vishniac

Detroit, Dec. 10 – Mogo Inc. will convert its 10% convertible senior secured debentures due May 31, 2022 on or about Jan. 11, according to a press release.

Under the terms of the debentures, the company may convert any amount of the debentures at any time that the 20-day volume-weighted average trading price of the shares on the Toronto Stock Exchange exceeds C$3.4375 per share.

The debentures will convert at C$2.75 per share, and interest will convert at the greater of the 20-day volume-weighted average trading price on the fifth trading day prior to the conversion date and the maximum discount permitted by the rules of the Toronto Stock Exchange, minus any taxes.

Approximately C$10.9 million of the convertibles remain outstanding.

Mogo is a Vancouver, B.C.-based financial technology company.

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