Coinsquare Ltd. in a $48.6 million sale of shares by its shareholders to Mogo Inc.

04 June 2021

On June 4, 2021, Mogo Inc. acquired 5.4 million common shares of Coinsquare Ltd., Canada's leading digital asset trading platform, increasing its ownership in Coinsquare from 19.9% to approximately 37%, for total aggregate consideration of $48.6 million, satisfied through the issuance of an aggregate of 5,080,876 common shares of Mogo. 

The acquisitions were completed pursuant to two separate transactions: (1) the exercise by Mogo of its call option to acquire 3.2 million Coinsquare shares from certain Coinsquare shareholders pursuant to the terms of an investment agreement between Mogo, Coinsquare and certain Coinsquare shareholders dated February 10, 2021, as amended; and (2) the purchase of 2.2 million Coinsquare shares from Riot Blockchain Inc. pursuant to the terms of a share purchase agreement between Mogo and Riot dated June 4, 2021.

Gowling WLG advised Coinsquare with respect to these transactions with a team that included Peter Simeon, Warren Cass, Adam Sherman, Marcus Hinkley and Taylor Hanson (corporate) and Paul Carenza and Anita Yuk (tax).

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