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Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) ("Mogo" or the "Company"), a digital payments and financial technology company, today announced that it has amended its marketing collaboration agreement with Postmedia Network Inc. ("Postmedia") and extended the agreement until December 31, 2024.
Postmedia is a Canadian news media company representing more than 130 brands across multiple print, online, 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 & CFO 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 January 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 January 25, 2023 to September 20, 2025. The amendments to the outstanding warrants will be effective as of the date that is ten (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 2 years and 6 months from the date of issuance. Issuance of the 89,000 new warrants and the amendments to the existing warrants are subject to TSX approval.
Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified. In addition, all references to the number of shares issuable on exercise of warrants in this news release are on a post-consolidation basis.
