Versus Systems Inc (NASDAQ:VS) (CSE:VS) (FRA:BMVB) announced Thursday that it has closed an upsized public offering that raised more than US$11 million.
In a statement, the company said it intends to use the net proceeds to repay indebtedness in the principal amount of US$250,000 and the balance for working capital and general corporate purposes, including marketing and sales expenses, the costs and expenses of the continuing development of Versus’ prizing and rewards platform, and salaries and wages.
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The offering began with 1,280,000 units but the underwriter exercised in full its over-allotment option to purchase an additional 192,000 common shares at US$7.50 each for gross proceeds of US$11,040,000, before deducting underwriting discounts and commissions and other offering expenses payable by Versus.
Each unit consists of one common share, one Unit A warrant, and one Unit B warrant to purchase one common share at US$7.50 each.
Lake Street Capital Markets LLC acted as sole book-running manager for the offering.
Versus’ promotions engine allows game publishers and developers to offer players in-game and in-app prizes across mobile, console, PC games, and streaming media. Brands pay to place products in-game and gamers compete for those prizes.
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