LONDON, ON, Sept. 29, 2021 /PRNewswire/ - VersaBank
("VersaBank" or the "Bank") today announced that the underwriters
of its previously announced public offering of common shares have
fully exercised their option to purchase an additional 825,000
shares at a price of US $10.00 per
share, the equivalent of CAD $12.68
per share based on the Bank of Canada exchange rate at the time of the
exercise, resulting in an additional gross proceeds of US
$8,250,000. The sale of the
additional shares closed today. After giving effect to the full
exercise of the over-allotment option, the total number of shares
sold by VersaBank in the public offering increased to 6,325,000
shares and gross proceeds increased to US $63,250,000.
The offering was conducted through a syndicate of underwriters
led by Raymond James &
Associates, Inc. as sole bookrunning manager and Keefe, Bruyette
& Woods, Inc., as co-manager and includes their respective
Canadian broker dealer affiliates.
No securities regulatory authority has either approved or
disapproved the contents of this press release. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the common shares in
any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such province, state
or jurisdiction.
About VersaBank:
VersaBank is a Canadian Schedule I
chartered bank with a difference. VersaBank became the world's
first fully digital financial institution when it adopted its
highly efficient business-to-business model using its proprietary
state-of-the-art financial technology to profitably address
underserved segments of the Canadian banking market in the pursuit
of superior net interest margins while mitigating risk. VersaBank
obtains all of its deposits and provides the majority of its loans
and leases electronically, with innovative deposit and lending
solutions for financial intermediaries that allow them to excel in
their core businesses. In addition, leveraging its internally
developed IT security software and capabilities, VersaBank
established wholly owned, Washington,
DC-based subsidiary, DRT Cyber Inc. to pursue significant
large-market opportunities in cyber security and develop innovative
solutions to address the rapidly growing volume of cyber threats
challenging financial institutions, multi-national corporations and
government entities on a daily basis.
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. VersaBank's Common Shares trade on the Nasdaq
Global Select Market under the symbol VBNK.
Special Note Regarding Forward-Looking Statements:
This press release contains statements that constitute
"forward-looking statements" and "forward-looking information"
within the meaning of U.S. and Canadian securities laws, including
without limitation, the anticipated use of proceeds.
Forward-looking statements give the Bank's current expectations and
projections relating to its financial condition, results of
operations, plans, objectives, future performance and business,
including the Bank's expectations regarding the transactions
described in this press release and the anticipated use of proceeds
therefrom, and can be identified by the fact that they do not
relate strictly to historical or current facts. Such
forward-looking statements may include words such as "expect,"
"anticipate," "intend," "believe," "estimate," "plan," "target,"
"strategy," "continue," "may," "will," "should," variations of such
words, or other words and terms of similar meaning. All
forward-looking statements reflect the Bank's best judgment and are
based on several factors relating to its operations and business
environment, all of which are difficult to predict and many of
which are beyond its control. Such factors include, but are not
limited to: the strength of the Canadian economy in general and the
strength of local economies within Canada in which VersaBank conducts operations;
the impact of the COVID-19 pandemic; the effects of changes in
monetary and fiscal policy, including changes in interest rate
policies of the Bank of Canada;
changing global commodity prices; the effects of competition in the
markets in which VersaBank operates; capital market fluctuations;
the timely development and introduction of new products in
receptive markets; the impact of changes in laws and regulations
pertaining to financial services; changes in tax laws;
technological changes; unexpected judicial or regulatory
proceedings; unexpected change in consumer spending and saving
habits; and VersaBank's anticipation of and success in managing the
risks resulting from the foregoing. Forward-looking statements are
based on information available to the Bank on the date hereof, and
it does not have, and expressly disclaims, any obligation to
publicly release any updates or any changes in its expectations, or
any change in events, conditions, or circumstances on which any
forward-looking statement is based. The Bank's actual results and
the timing of certain events could differ materially from the
forward-looking statements. These forward-looking statements do not
reflect the potential impact of any mergers, acquisitions, or other
business combinations that had not been completed as of the date of
this release.
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SOURCE VersaBank