Versus Systems Inc. (NASDAQ:VS, CSE:VS) told investors it has entered into definitive agreements with institutional investors for the purchase and sale of 2.5 million common shares at $0.90 each in a registered direct offering priced at-the-market under Nasdaq rules.
The company said the offering is expected to occur on or about February 6, 2023, subject to the satisfaction of customary closing conditions. Immediately before the offering, it had 8,182,171 common shares outstanding, with the increase in outstanding shares resulting from the cash exercise of outstanding warrants, it added.
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Versus said gross proceeds from the offering are expected to be $2.25 million before deducting the placement agent's fees and other offering expenses. Net proceeds will be used for working capital and general corporate purposes, it added.
Roth Capital Partners is acting as the exclusive placement agent for the offering.
Versus offers production services, the XEO platform, and rewards to drive audience engagement across all kinds of media and events from live sports to video games, and from streaming media to broadcast. The Versus platform can be integrated into mobile, console, and PC games, as well as streaming media and mobile apps.
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