VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2017) - Versus Systems, Inc. (the "Company" or "Versus") (CSE:VS)(CSE:VS.CN)(OTCQB: VRSSF)(FRANKFURT:BMVA) is pleased to announce that it has arranged for a non-brokered private placement (the "Offering") of units (each, a "Unit"), at a price of $0.25 per Unit. Pursuant to the Offering, the Company has issued 8 million Units, generating gross proceeds of $2 million. 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 at any time within 5 years of the date of issuance. All of the securities issued under this private placement are subject to a four month resale restriction.
The Company intends to use the net proceeds of the offering to continue its product integrations with game development and prizing partners and general working capital purposes. The Company also intends to use the proceeds for additional technology development efforts including intellectual property filings around its in-game prizing and promotions platform.
Certain directors and officers of the Company participated in the Offering by purchasing an aggregate of 100,000 Units. Accordingly, the Offering constituted to that extent a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons exceeded 25% of the Company's market capitalization.
The Company also announces that it has granted an aggregate of 908,000 incentive stock options to certain employees and consultants of the Company, exercisable at a price of $0.435 for a period of 5 years from the grant date.
About Versus Systems, Inc.
Versus Systems, Inc. has developed a proprietary in-game prizing and promotions engine featuring conditional prizing and dynamic regulatory compliance. Versus Systems allows game developers and publishers to provide players and spectators with a steady stream of fresh content in the form of prizes that players can select before they compete in-game. Prizes including gear, apparel, concert tickets, energy drinks, DLC, and cash - all from brands gamers care about like Rockstar, Han Cholo, Tier 1 Games and others. Versus wants every gamer at home to feel like an eSports phenomenon playing for real stakes and real prizes. See how Versus works here: https://youtu.be/a37iab8qGbY.
Certain statements in this release are forward-looking statements, which include regulatory approvals, development of technology, timing of completion of technology and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward looking statements will not occur. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company including the development of its technology, including the effectiveness of the technology. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include consumer sentiment towards the Company's technology, technology failures, competition, and failure of counterparties to perform their contractual obligations and other risks detailed from time to time in the filings made by the Company in securities filings.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The Canadian Securities Exchange has not reviewed, nor approved the content of the contents of this news release.