VersaPay closes USD5m bought deal financing

deal

VersaPay Corporation, a provider of cloud-based payment solutions,has announced that it has closed its previously announced bought-deal private placement for gross proceeds of USD5,000,400.

A syndicate of Underwriters by Mackie Research Capital Corporation, including Paradigm Capital Inc. have completed the private placement offering of 4,167,000 units of the company at a price of USD1.20 per unit.

Each unit is comprised of one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire an additional Common Share at an exercise price of USD1.50 per warrant share for a period of 24 months following the closing of the offering.

In consideration for their services, the Underwriters were paid a cash commission of $350,028 and received 291,690 compensation options. Each compensation option is exercisable to acquire one unit at the issue price for a period of 24 months from closing of the offering.

The Underwriters have the option to purchase up to an additional 625,050 units at any time on or prior to March 6, 2014.

The offering remains subject to final approval of the TSX Venture Exchange. All securities issued and issuable in connection with the Offering are subject to a statutory hold period expiring on June 5, 2014.

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