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Canada’s VersaBank Announces Pricing of Public Offering

The offering is expected to close on September 24, 2021

LONDON, ON, Sept. 21, 2021 – VersaBank today announced the pricing of its previously-announced public offering of VersaBank’s common shares. VersaBank will issue 5,500,000 shares at a price of US $10.00 per share, the equivalent of CAD $12.80 per share based on today’s Bank of Canada exchange rate, for gross proceeds of US $55,000,000. The offering is expected to close on September 24, 2021, subject to customary closing conditions.

VersaBank expects that the net proceeds of the offering will be used for general banking purposes and will qualify as Common Equity Tier 1 capital for the Bank.

VersaBank has a vision is to provide governments and corporate organizations with a comprehensive suite of effective solutions that addresses the four fundamental components of cyber security: Assessment, Detection, Prevention and Privacy. VersaBank is a Canadian Schedule I chartered bank with a that became the world’s first fully digital financial institution when it adopted a proprietary financial technology to address underserved segments of the Canadian banking market. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with deposit and lending solutions for financial intermediaries.

The Bank has also granted the underwriters an option to purchase up to an additional 825,000 common shares, representing 15% of the number of common shares to be sold pursuant to the public offering, solely to cover the underwriters’ over-allocation position, if any, and for market stabilization purposes. The option is exercisable by the underwriters for a period of 30 days following the closing of the offering.

VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares trade under the symbol VB.PR.A.

For full details on the Public Offering visit the CNW press release


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