Globe & Mail 07:49 AM EDT, 06/04/2021 (MT Newswires) -- Mogo Inc. (MOGO.TO, MOGO), a digital payments and financial technology company, said Friday that it completed the acquisition of an additional 5.4 million common shares in Coinsquare Ltd. for C$48.6 million, raising its stake in the Canadian cryptocurrency trading platform to about 37% from 19.9%.
Mogo issued 5,080,876 of its common shares to certain selling shareholders, including Riot Blockchain Inc., which sold 2.2 million shares in Coinsquare.
The listed company still has an existing warrant to purchase an additional 10.6% stake in Coinsquare. It also signed a letter of intent earlier this week to purchase another 5.4% in the crypto platform.
Mogo said it will need approval from Coinsquare's board before it can raise its stake to over 49.9%, adding that there is no certainty whether Coinsquare's board will grant such approval.
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