Versus Systems Announces Closing of $2.16 Million Public Offering

About this update from Versus Systems Inc.

[{"type":"text","content":"LOS ANGELES, July 18, 2022 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (NASDAQ: VS) today announced that it closed its previously announced registered direct offering of 4,145,000 of the Company’s common shares (or common share equivalents) at a purchase price of $0.52 per common share (or common share equivalent). In addition, in a concurrent private placement, the Company issued warrants to purchase up to 6,217,500 common shares to the institutional investor. The warrants have an exercise price of $0.52 per common share, are exercisable six months following issuance and have a term of five and one-half years following issuance. Roth Capital Partners acted as the exclusive placement agent for the transaction. The gross proceeds to Versus from this offering were approximately $2.16 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The common shares were offered pursuant to an effective shelf registration statement on Form F-3 (File No. 333-263834) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on March 31, 2022. A prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available for free on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus may also be obtained by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, by telephone at (800) 678-9147, or by email at [email protected]. The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and, along with the common shares underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying common shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. This press release does not constitute an offer to sell or the solicitatio...

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