Newspaper article The Canadian Press

Postmedia Strikes New Type of Promotional Deal with Mogo Finance Technology

Newspaper article The Canadian Press

Postmedia Strikes New Type of Promotional Deal with Mogo Finance Technology

Article excerpt

Postmedia strikes new type of deal with Mogo

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TORONTO - Mogo Finance Technology Inc. has signed a three-year agreement to get at least $50 million of promotional commitments from Postmedia, which will get a percentage of Mogo's revenue and rights to buy stock in the Vancouver-based company.

The joint announcement sees Mogo tapping into Postmedia's print, online and mobile platforms including the National Post newspaper, Toronto Sun, Ottawa Citizen and Vancouver Sun and their digital affiliates.

Mogo will pay Postmedia the equivalent of four per cent of its existing revenue and 11 per cent of incremental revenue, subject to certain adjustments.

Mogo has also issued Postmedia rights to buy up to about 1.2 million common shares of Mogo in stages within five years for $2. …

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