Mogo Inc T.MOGO

Mogo Establishes ATM Equity Program

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Very interesting that the news release highlights :   No Common Shares will be offered or sold in Canada or through the facilities of the Toronto Stock Exchange under the ATM Program.

That means the focus is NASDAQ  -- not the TSX.      And the US is where all the fintech names have been flying !      (see my previous post re:   RIOT,  SQ etc).

Buy and hold MOGO.

Mogo Establishes ATM Equity Program

VANCOUVER, British Columbia -- (Business Wire) --

Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company empowering the next generation of consumers with innovative financial products including buying and selling of Bitcoin through its mobile app, today announced that it has entered into an at-the-market offering agreement (the “ATM Offering Agreement”) with H.C. Wainwright & Co., LLC (the “Lead Agent”), as lead agent, Raymond James Ltd. and Eight Capital (together with the Lead Agent, the “Agents”), thereby establishing an at-the-market equity program (the “ATM Program”). Pursuant to the ATM Program and the related prospectus supplement, the Company may, at its discretion and from time-to-time during the 12-month remaining term of the base shelf prospectus, sell, through the Agents, such number of common shares of the Company (“Common Shares”) as would result in aggregate gross proceeds to the Company of up to US$50 million. The Common Shares sold under the ATM Program would be issued from treasury to the public at the prevailing market price at the time of sale, when sold through the Nasdaq Capital Market (“Nasdaq”). The net proceeds of any sales of Common Shares under the ATM Program would be used for operational expenditures, to maintain the Company’s working capital balances and for general corporate purposes.

Under the ATM Offering Agreement, sales of Common Shares will be made through “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions on the Nasdaq or on any other existing trading market for the Common Shares in the United States. No Common Shares will be offered or sold in Canada or through the facilities of the Toronto Stock Exchange under the ATM Program. Mogo is not obligated to make any sales of Common Shares under the ATM Offering Agreement. The offering of Common Shares pursuant to the ATM Offering Agreement and the related prospectus supplement will terminate upon the earlier of (a) the sale of all of the Common Shares subject to the ATM Offering Agreement and the related prospectus supplement, (b) the termination of the ATM Offering Agreement by the Agents, or the Company, as permitted therein, or (c) January 5, 2022, being the date the Company’s base shelf prospectus expires. Mogo will pay the Agents a commission rate of up to 3.0% of the aggregate gross proceeds from each sale of Common Shares and has agreed to provide the Agents with customary indemnification and contribution rights. Mogo will also reimburse the Agents for certain specified expenses in connection with entering into the ATM Offering Agreement.

The ATM Program is being made pursuant to a prospectus supplement to the Company’s base shelf prospectus dated December 5, 2019, included in the Company’s existing U.S. registration statement on Form F-10. The prospectus supplement relating to the ATM Program has been filed with the securities commissions in each of the provinces of Canada (other than Qubec) and the United States Securities and Exchange Commission. Electronic copies of the relevant documents are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Alternatively, the Lead Agent will send the documents upon request by contacting the Lead Agent: H.C. Wainwright & Co., LLC, 430 Park Avenue 3rd Floor, New York, NY 10022, telephone: [phone], email: [e-mail].