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Mogo Adds to Strategic Investment Portfolio with Minority Investment in Gemini – Yahoo Finance

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Winklevoss-led company raises US$400 million to help build decentralized metaverse

Mogo’s ~ $150 million portfolio includes strategic investments in crypto platforms, digital assets and gaming

VANCOUVER, British Columbia, November 23, 2021–(BUSINESS WIRE)–Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced a new minority investment in Gemini’s recently completed US$400 million financing, which was led by Morgan Creek Digital. Gemini, founded by brothers Tyler and Cameron Winklevoss, is one of the leading cryptocurrency exchanges in the U.S. market.

The investment in Gemini adds to Mogo’s growing portfolio of strategic investments focused on the expanding ecosystem that Mogo is operating in, including crypto, gaming and the emerging metaverse. At the last quarter end, the Company’s digital assets and investments (including Mogo’s book value of its investments in Coinsquare) totaled approximately $150 million1. The portfolio includes investments in:

  • Coinsquare, one of Canada’s leading crypto platforms (of which Mogo owns
    approximately 39%).

  • Tetra Trust, Canada’s first qualified custodian for cryptocurrency assets.

  • Enthusiast Gaming (NASDAQ: EGLX; TSX: EGLX), a fast-growing media platform for video game and esports fans to connect and engage worldwide.

  • Eleven Gaming, a Toronto-based professional esports organization.

  • Tiidal Gaming (CSE:TIDL), a professional esports, betting & entertainment organization.

  • The portfolio also includes investments in Bitcoin and Ethereum.

“Over the past year or more, we have been migrating our investment portfolio from legacy investments into businesses within our broader ecosystem that have significant stand-alone growth potential and, equally important, bring strategic value to Mogo and deepen our expertise in areas that we believe are increasingly relevant for a next-gen fintech platform and digital wallet,” said Greg Feller, President and CFO of Mogo.

1 Includes the fair value of the warrants to acquire up to an additional 10% of the issued and outstanding Coinsquare shares.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding the growth potential of Mogo’s portfolio companies. 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 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, including the receipt of any required regulatory approval. 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.sedar.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.

About Mogo

Mogo is empowering its close to 1.8 million members with simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card, the only card of its kind in Canada. The MogoCard makes it easy to enjoy spending control while doing good for the planet by planting a tree for every purchase. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans. Mogo’s wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC, while Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005935/en/

Contacts

Craig Armitage
Investor Relations
craiga@mogo.ca
(416) 347-8954

US Investor Relations Contact
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com

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New Brunswick announces $84.7 million investment to support public schools – CTV News Atlantic

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The New Brunswick provincial government has announced they will invest $84.7 million to support public schools in the province.

The government says the investment will be made during the 2022-23 fiscal year and will include $3.7 million for two new projects and $8.8 million to support the provincewide ventilation program.

A large portion of the investment, $72.2 million, has been earmarked to support ongoing construction projects, capital equipment, improvement work, and the dust collector program.

Dominic Cardy, education and early childhood development minister, tabled the department’s capital budget estimates today in the legislative assembly.

“Students need safe learning environments that meet their educational needs in order for them to learn and be successful long after graduation,” said Cardy.

“The investments we make today will not only support learning and address space deficiencies, but they support long-term community growth and strategic infrastructure planning across the education system.”

According to the province, the projects include a new kindergarten-to-Grade 5 school in Fredericton, which will replace Nashwaaksis Memorial School and McAdam Avenue School, and a new kindergarten-to-Grade 8 school for Saint John’s central peninsula.

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Oil Investments Must Rise to Offset Energy Prices, Soaring Inflation – Bloomberg

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The Riyadh-based International Energy Forum has called on companies to raise investment in oil and natural-gas production to $523 billion a year by the end of this decade to prevent a surge in energy prices and economic unrest.

The think tank’s comments echo those of Saudi Aramco, whose chief executive officer on Monday said there could be “chaos” unless governments stopped discouraging investment in fossil fuels.

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Personal Finance: Investing in Fund Managers in 2021 Was a Bad Investment Idea – Bloomberg

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As Leo Tolstoy taught us at the beginning of Anna Karenina, “Happy families are all alike; each unhappy family is unhappy in its own way.” It’s a lesson being relearned by investors in European asset managers, whose shareholdings have woefully missed out on the gains enjoyed across the broader equity market this year.

The environment for the fund-management industry continues to be challenging, to say the least, with downward pressure on fees, investor preference for cheap index-tracking products and an expensive arms race to keep up with the latest technology. But the biggest laggards among Europe’s standalone money managers have underperformed for idiosyncratic reasons.

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