/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES OR THROUGH U.S.
NEWSWIRE SERVICES./
TORONTO, Oct. 11, 2017 /CNW/ - VersaPay Corporation
(TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of
cloud-based invoice-to-cash solutions including electronic invoice
presentment and payment, automated accounts receivable, cash
application and collections management, today announced its
intention to complete a non-brokered private placement (the
"Offering") of 6,289,910 common shares of the Company (the "Common
Shares") at a price of $1.70 per
Common Share for gross proceeds of approximately $10.7 million.
Closing of the Offering is expected to occur on or about
October 13, 2017.
"We are very pleased to welcome a new institutional investor to
the Versapay family as part of this financing," said Craig O'Neill, CEO of Versapay. "We are
also delighted to have our largest existing shareholder, StableView
Asset Management, participating in this round. StableView, one of
the foremost technology investment firms in Canada, has been a strong supporter of the
Company since 2014."
The securities being offered have not been, nor will they be,
registered under the United States Securities Act and may not be
offered or sold in the United
States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from the
registration requirements. This news release will not constitute an
offer to sell or the solicitation of an offer to buy nor will there
be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
About VersaPay
VersaPay is a Fintech company and leading provider of
cloud-based invoice-to-cash solutions, enabling businesses to
provide a superior customer experience, get paid faster, streamline
financial operations, and dramatically reduce DSO and costs.
VersaPay ARC redefines accounts receivable and collections with a
customer self-service environment, to view invoices online,
collaborate on inquiries and disputes, and facilitate secure online
payments (EFT/ACH and credit card). Businesses gain access to a
suite of powerful tools that enable efficient collections, cash
application and real-time insight into accounts receivable.
VersaPay ARC automatically reconciles payments and account
information through integrations with a wide range of ERPs and
accounting software providers.
More information about VersaPay is available at www.versapay.com
or under the Company's profile on SEDAR at www.sedar.com.
Forward Looking and Other Cautionary Statements
This news release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
proposed Offering and the closing date of the Offering. Such
forward-looking information is often, but not always, identified by
the use of words and phrases such as "plans," "expects," "is
expected," "budget," "scheduled," "estimates," "forecasts,"
"intends," "anticipates," or "believes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may," "could," "would," "might"
or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management
believes that these assumptions are reasonable. Forward-looking
information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include, among
others, risks related to the speculative nature of the Company's
business, the Company's formative stage of development and the
Company's financial position.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE VersaPay Corporation