Vancouver, British Columbia--(Newsfile Corp. - November 18, 2020) - Versus Systems Inc. (CSE: VS) (OTCQB: VRSSF) (FSE: BMVA) ("Versus" or the "Company") announces that it has arranged for and closed a non-brokered private placement (the "Private Placement") through the issuance of 10,000,000 units (each, a "Unit") at a price of $0.25 per Unit, generating aggregate gross proceeds of $2,500,000.
Each Unit is comprised of one common share in the capital of the Company, and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.40 per share for 24 months following the date of issue.
The Company intends to use the net proceeds of the Private Placement to enhance marketing efforts and engineering resources, and for general corporate and working capital purposes.
All securities issued under the Private Placement are subject to a four month hold period in accordance with Canadian securities laws, and may not be traded until March 18, 2021.
About Versus Systems Inc.
Versus Systems has developed a proprietary in-game prizing and promotions engine that allows game publishers and developers to offer in-game and in-app prizing across mobile, console, PC games, and streaming media. Brands pay to place products in-game and gamers compete for those prizes. For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.
On behalf of the Board of Directors,
Chief Executive Officer
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68511