Offering funds working capital, conducted by underwriting syndicate
By Devika Patel
Knoxville, Tenn., May 7 – VersaPay Corp. said it completed a C$4.84 million private placement of units. The deal priced for C$4 million with a 15% greenshoe on April 17.
The company sold 3,457,144 units of one common share and one half-share warrant at C$1.40 per unit. Of the units, 600,001 were part of the greenshoe.
Each whole two-year warrant is exercisable at C$2.00. The strike price reflects a 42.86% premium to the April 16 closing share price of C$1.40.
The offering was conducted on a bought-deal basis by a syndicate of underwriters led by Haywood Securities Inc. StableView Asset Management Inc. was the lead investor.
Proceeds will be used for working capital and general corporate purposes.
The Toronto-based financial technology company enables businesses to send and receive payments.
| Issuer: | VersaPay Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4,840,002, including C$840,001 greenshoe of 600,001 units
|
| Units: | 3,457,144
|
| Price: | C$1.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Underwriters: | Haywood Securities Inc. (lead), Cormark Securities Inc.
|
| Investor: | StableView Asset Management Inc. (lead)
|
| Pricing date: | April 17
|
| Settlement date: | May 7
|
| Stock symbol: | TSX Venture: VPY
|
| Stock price: | C$1.40 close April 16
|
| Market capitalization: | C$29.74 million
|
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