Versus Systems Inc. (NASDAQ:VS, CSE:VS) announced that Cronus Equity Capital Group (CECG) has made a strategic investment of more than US$2.5 million in the company.
Versus said it will issue up to 24,727,361 of its shares to CECG, representing about 51% of its issued and outstanding shares.
Under the first tranche, 15,838,441 shares were issued on November 22, 2023, and a further 8,888,920 are expected to be issued next week.
CECG purchased shares in the first tranche at $0.1618 per share, a premium to the five-day average Nasdaq official closing price of $0.1578 for US$2,562,659.76.
Shares issued in the second tranche will be at the same price per share and there are no warrants involved in the transaction, Versus noted.
Versus Systems is an engagement and rewards company that makes live events, games, shows and apps more fun to watch and play.
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