Vogogo Inc. (CSE: VGO) is pleased to announce that it has closed its previously-announced underwritten prospectus financing of debenture units for gross proceeds of $34.5 million.  Including the exercise in full of the over-allotment option, a total of 34,500 Units at a price of $1,000 per Unit were issued by the Company.  

Each Unit is comprised of $1,000 principal amount of senior unsecured extendible non-redeemable convertible debentures and 1,000 warrants of the Company. Each Unit entitles the holder to a conversion rate of 2,000 common shares of the Company per $1,000 principal amount of Convertible Debentures at a value of $0.50 per Share and 1,000 Warrants exercisable for 1,000 Shares at a price of $0.70 per Share.   

The Offering was co-led by Canaccord Genuity Corp. and Beacon Securities Limited. Cassels Brock & Blackwell LLP acted as counsel for Company and Stikeman Elliott LLP acted as counsel to the underwriters.

The net proceeds from the Offering will be used to fund the cash portion of the purchase price for the previously announced proposed acquisition of certain cryptocurrency mining assets in Quebec, which acquisition is currently anticipated to close shortly after the closing of the Offering.

In addition, the Company is retracting the statements made in its press release of April 19, 2018 titled “Vogogo’s Cryptocurrency Mining Division Set to Become One of the World’s Largest With Approximately 1% of the Entire Bitcoin Hashrate”, wherein it was stated that upon completion of the acquisition of 14,000 cryptocurrency mining machines from 828 LP in the Proposed 828 Acquisition, the Company would have approximately 1% of the entire Bitcoin network hashrate and it would become “One of the World’s Largest”. 

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.                                                                                                                    

About Vogogo Inc.:

Vogogo currently operates its cryptocurrency mining activities in Québec. This includes mining for cryptocurrencies for its own account and within mining pools. As it continues to embrace blockchain technology, Vogogo is exploring opportunities in all aspects of the cryptocurrency segment.