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VERSAPAY CORPORATION ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Toronto, ON – October 11, 2017 – 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.
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.
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