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Mogo Finance Technology increases bought-deal financing

Mogo Finance Technology Inc. has increased its bought-deal financing to 3,750,000 common shares.

Underwriters have agreed to buy and sell to the public an additional 1,607,100 common shares at C$7.00 per share, for additional gross proceeds to the company of about C$11.2 million. The underwriters may also buy up to an additional 562,500 common shares on the same terms. If the option is exercised in full, the aggregate gross proceeds will be about C$30.2 million.

The company plans to use the net proceeds to develop its next-generation digital platform and new product launches and for working capital and other general corporate purposes.

The offering is expected to close on or about Dec. 28.

The syndicate of underwriters is co-led by Cormark Securities Inc. and Canaccord Genuity Corp. and includes BMO Capital Markets Corp., Eight Capital and Mackie Research Capital Corp.