UPDATE: Mogo (MOGO) Prices 5.346M Share Registered Direct Offering at $10.10/Sh

Mogo Inc. (NASDAQ: MOGO) announced today that it has entered into definitive agreements with certain institutional investors for the sale of an aggregate of 5,346,536 common shares at a purchase price of US$10.10 per common share in a registered direct offering (the "Offering") priced at-the-market under the Nasdaq Capital Market (the "Nasdaq") rules. The aggregate gross proceeds to the Company are expected to be approximately US$54 million, before deducting placement agent's fees and expenses of the Offering payable by the Company. The Offering is expected to close on or about February 24, 2021, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the Offering.

Additionally, Mogo has agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 2,673,268 common shares (each whole warrant, a “Warrant”) in a concurrent private placement. Each Warrant will entitle its holder to acquire one common share of the Company (each, a "Warrant Share") at an exercise price of US$11.00 per share at any time prior to the date which is three and one half years following the date of issuance.

A portion of the net proceeds from the Offering will be used to fund the cash component of the initial purchase price of the previously announced investment in Coinsquare Ltd., with the remaining net proceeds to be used for general corporate and working capital purposes.

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