Mogo Files Final Prospectus and Announces Pricing for Initial Public Offering

/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, June 18, 2015 /CNW/ - Mogo Finance Technology Inc. today announced the pricing of its initial public offering of 5,000,000 common shares at a price of Cdn$10 per share. The initial public offering is expected to result in aggregate gross proceeds to Mogo of Cdn$50 million.  In addition, Mogo has granted the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing of the offering, to purchase up to an additional 750,000 common shares at Cdn$10 per share.

Closing is scheduled to take place on or about June 25, 2015. Mogo has received conditional approval for the listing of its common shares on the Toronto Stock Exchange under the symbol "GO", subject to Mogo fulfilling all of the requirements of the Toronto Stock Exchange. 

The offering is being made through a syndicate of underwriters led by BMO Capital Markets and Cormark Securities Inc. as joint bookrunners, and comprised of Canaccord Genuity Corp., CIBC World Markets Inc. and National Bank Financial Inc.  

A copy of the final prospectus is available on SEDAR (www.sedar.com).

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mogo Finance Technology Inc. in any jurisdiction. A final prospectus containing important information relating to the securities described in this press release has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. This news release does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of said Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

About Mogo

Mogo's mission is to leverage technology and design to offer socially responsible financial solutions that help Canadians stay in control of their financial health. Our online lending platform brings consumers a new level of convenience, simplicity and transparency compared with traditional financial services firms. By leveraging our proprietary credit risk decisioning model we are able to offer credit to the full spectrum of consumers at rates that we believe are generally lower than the rates charged by traditional institutions for comparable products. Our solution includes personal loans of up to $35,000, with rates starting as low as 5.9% and a free prepaid Mogo Visa card that offers consumers a responsible alternative to credit cards.  In addition, our unique Level Up program provides those with less than perfect credit a clear path to even lower rates over time. These advantages have allowed us to originate over 900,000 loans and acquire more than 100,000 members.

SOURCE Mogo Finance Technology Inc.

Ross Marshall, Investor Relations, [email protected], [phone]