Vogogo Inc. Announces Closing of Non-Brokered Private Placement

Vogogo Inc. (“Vogogo” or the “Company”) (TSX-V:VGO) announces that it has closed, effective October 31, 2017, the non-brokered private placement  (the “Offering”) of units of the Company (“Units”) previously announced on October 23, 2017. Each Unit was offered at a price of $0.10 and consists of one common share in the capital of the Company (“Common Share”) and one full common share purchase warrant (“Warrant”), with each warrant being exercisable to acquire one additional Common Share (a “Warrant Share”) at a price of $0.13 per Warrant Share, for a period of 24 months following the closing of the Offering. Pursuant to the Offering, the Company distributed a total of 60,000,000 Units for aggregate gross proceeds of $6,000,000. A portion of the Offering, consisting of 2,650,000 Units, has been closed in escrow pending receipt of payment for such Units. 

The net proceeds from the Offering will be used for general corporate purposes and to augment the Company’s cash reserves. Units acquired by placees under the Offering are subject to a four-month hold period, which will last until March 1, 2018 in accordance with applicable securities legislation.

Insiders of the Company acquired an aggregate of 7,100,000 Units, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in respect of such insider participation.

About Vogogo

Vogogo has provided payment processing and related transaction risk services and continues to own certain rights and software with respect to such services.

For information or interview please contact:

Gino DeMicheleChief Executive Officer and President403-648-9292                     

READER ADVISORYNeither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements. The words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.