Benzinga | May 17, 2021 07:51AM EDT

Mogo Enters Agreement to Acquire Canadian Broker-Dealer Fortification Capital Inc.

Pursuant to the LOI, Mogo has agreed to acquire all of the issued and outstanding securities of Fortification (the "Transaction") from the sole shareholder of Fortification (the "Vendor") in exchange for: (i) a cash payment of $500,000; (ii) a cash payment equal to the working capital of Fortification plus repayment of the subordinated debt owed to the Vendor at the time of closing, anticipated to be approximately $550,000; and (iii) 75,000 Mogo Shares.