VersaPay completes $10.7M private placement

VersaPay Corporation



News Release

VERSAPAY CORPORATION ANNOUNCES CLOSING OF $10.7 MILLION NON-BROKERED PRIVATE PLACEMENT

Toronto, ON – October 13, 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, is pleased to announce that it has completed its previously announced non-brokered private placement (the “Offering”) of 6,290,000 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.

The Offering remains subject to final approval of the TSX Venture Exchange. The Common Shares issued pursuant to the Offering are subject to a statutory hold period of four months and one day, expiring on February 14, 2018.

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 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.

For additional information, please contact:
John McLeod
Vice President, Marketing
VersaPay Corporation
647-258-9406
john.mcleod@versapay.com

Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com