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LOS ANGELES, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Versus Systems, Inc. ("Versus" or the "Company") (CSE:VS) (OTCQB:VRSSF) (FSE:BMVA) is pleased to announce that it has closed its previously announced brokered private placement of Units (the “Offering”). A total of 9,987,655 Units were sold at a price per Unit of $0.18 for aggregate gross proceeds of approximately $1.8 million. The Offering was co-led by Canaccord Genuity Corp. and Haywood Securities Inc. and included Kingsdale Capital Markets Inc. (collectively, the “Agents”).
Each Unit consisted of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of C$0.30 for a period of 24 months from the closing date of the Offering.
In connection with the Private Placement, the Company paid the Agents an aggregate cash commission equal to seven percent (7.0%) of the gross proceeds of the Offering. In addition, the Company issued 699,135 broker warrants (the “Broker Warrants”) to the Agents, representing seven percent (7.0%) of the Units sold under the Offering. Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of $0.18 for a period of 24 months from the closing date of the Offering.
All securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The net proceeds of the Offering will be used for expansion, business development activities and general working capital and corporate purposes.
About Versus Systems
Versus Systems, Inc. has developed Winfinite - a proprietary in-game prizing and promotions engine that allows game publishers and developers to offer in-game prizing across various platforms including mobile, console, PC games, and streaming media. Brands pay to place products in-game via Winfinite, and gamers compete for those prizes. For more information, please visit www.versussystems.com.
For more information on Versus Systems’ new platform, Winfinite, visit www.versussystems.com or visit Versus Systems' official YouTube channel.
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