Versus Systems Inc. (CSE: VS) (OTCQB: VRSSF) (FRA: BMVA) is pleased to announce that it has completed a second tranche of its previously announced private placement of units at a price of $0.30 per Unit by issuing 9,260,667 Units for aggregate gross proceeds of $2,778,200.10. Following today’s closing, the Company has issued an aggregate of 12,259,667 Units pursuant to the Offering for aggregate gross proceeds of $3,677,900.10. 

Each Unit is comprised of one common share in the capital of the Company and one-half of one common share purchase warrant.  Each whole warrant entitles the holder to purchase one common share at a price of $0.40 per share until 24 months following the relevant closing date.

The Offering was led by Eight Capital on behalf of a syndicate of agents that includes Canaccord Genuity Corp., Gravitas Securities Inc. and Leede Jones Gable Inc. pursuant to the terms of an agency agreement entered into by the Company and the Agents on March 29, 2018 and amended April 11, 2018.  

The Company intends to use the net proceeds of the Offering to enhance marketing efforts and engineering resources and for general corporate and working capital purposes.

All of the securities issued under the private placement are subject to a hold period expiring four months and one day from the date hereof.   The securities being offered have not been, nor will they be, registered under the United States Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Versus

Versus Systems Inc. has developed a proprietary in-game prizing and promotions engine that allows publishers and developers of interactive media to offer prizes inside interactive media including mobile, console, PC games, and streaming media. Brands pay to place products ingame via the Versus platform and players will compete for those prizes.

Versus has developed blockchain security and personalization technologies to secure their prizing system. Versus is working with 704 Games for the NASCAR series of mobile and console games, including NASCAR Heat Mobile which will be available with Versus prizing in early 2018. Versus is also working with Team NINJA, a subsidiary of Koei Tecmo for additional PC and console games; and their prize provider partners include Rockstar Energy Drink, Han Cholo, Tier1, IDW Publishing, and others.