Mogo Extends Maturity of $60 Million Credit Facility to 2026

Rhea-AI Summary

Mogo Inc. announced the extension of its $60 million Credit Facility with Fortress Investment Group to January 2, 2026. The company sees this extension as a positive move that will provide resources and flexibility for its digital lending product.

Positive

• Mogo Inc. extended its Credit Facility with Fortress Investment Group , showing a strong relationship between the two parties.

• The extension of the Credit Facility provides Mogo Inc. with the necessary resources and flexibility for its digital lending product.

Negative

• None.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital wealth and payments business, today announced an amendment to its existing senior credit facility (“Credit Facility”) with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). The amendment extends the maturity date of the Credit Facility from July 2, 2025 to January 2, 2026.

“We’re pleased to extend our relationship with Fortress which has been an excellent financial partner for our company over the past 10 years,” said Greg Feller, President & CFO. “This facility continues to give us the resources and flexibility we need for our digital lending product.”

About Mogo

Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a digital wealth and payments company headquartered in Vancouver, Canada with more than 2 million members, $9.9B in annual payments volume and a ~13% equity stake in Canada’s leading Crypto Exchange WonderFi (TSX:WNDR). Mogo offers simple digital solutions to help its members dramatically improve their path to wealth-creation and financial freedom. MOGO offers commission-free stock trading that helps users thoughtfully invest based on a Warren Buffett approach to long-term investing – while also making a positive impact with every investment. Moka offers Canadians a real alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the proven outperformance of an S&P 500 strategy, and at a fraction of the cost. Through its wholly owned digital payments subsidiary, Carta Worldwide, Mogo also offers a low-cost payments platform that powers next-generation card programs for companies across Europe and Canada. The Company, which was founded in 2003, has approximately 200 employees across its offices in Vancouver, Toronto, London & Casablanca.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding the resources and flexibility needed for the Company’s digital lending product. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements are typically identified by words such as “may”, “will”, “could”, “would”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo’s growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo’s control. For a description of the risks associated with Mogo’s business please refer to the “Risk Factors” section of Mogo’s current annual information form, which is available at www.sedarplus.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510590355/en/

For further information:

Craig Armitage

Investor Relations

investors@mogo.ca

(416) 347-8954

US Investor Relations Contact

Lytham Partners, LLC

Ben Shamsian

New York | Phoenix

shamsian@lythampartners.com

(646) 829-9701

Source: Mogo Inc.

FAQ

What is the new maturity date of Mogo Inc.'s Credit Facility?

The new maturity date of Mogo Inc.'s Credit Facility with Fortress Investment Group is January 2, 2026.

Who is the financial partner of Mogo Inc. in extending the Credit Facility?

Fortress Investment Group , managed by affiliates, is the financial partner in extending Mogo Inc.'s Credit Facility.

Why is the extension of the Credit Facility important for Mogo Inc.?

The extension of the Credit Facility provides Mogo Inc. with resources and flexibility for its digital lending product, enhancing its operations.

What does the extension of the Credit Facility signify for Mogo Inc.?

The extension of the Credit Facility signifies a strong relationship between Mogo Inc. and Fortress Investment Group , benefiting the company's financial stability.