/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Oct. 18, 2018 /CNW/ - VersaPay Corporation
(TSXV: VPY) ("VersaPay" or the "Company") is pleased to announce
that it has closed its previously announced short form prospectus
offering (the "Offering") of 5,257,800 common shares (the "Common
Shares") of the Company at a price of $1.75 per Common Share, which included 685,800
Common Shares issued pursuant to the exercise of the over-allotment
option in full, for aggregate gross proceeds of approximately
$9.2 million.
The Offering was underwritten by Raymond James Ltd., as lead
underwriter and sole bookrunner, on behalf of a syndicate of
underwriters that included Haywood Securities Inc. and PI Financial
Corp.
The net proceeds from the Offering will be used by the Company
to further its sales and marketing efforts, to continue to expand
its presence in the United States,
for research and development with respect to the cash application
features of its products and for general corporate and working
capital purposes.
The securities have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any U.S. state securities laws, and may not be
offered or sold in the United
States without registration under the U.S. Securities Act
and all applicable state securities laws or compliance with the
requirements of an applicable exemption therefrom. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities in the
United States, nor shall there be any sale of these
securities in any jurisdiction 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 is the new standard in accounts receivable and
collections management 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
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including statements
related to the use of proceeds and 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, as well as those factors discussed in
the section entitled "Risk Factors" in the Company's annual
information form..
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
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