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Versus Systems Announces Strategic Investment From Cronus Equity Capital Group, LLC; The Investment Contemplates The Issuance Of Up To 24,727,361 Shares Of Versus To CECG Representing ~51% Of The Co's Issued And Outstanding Shares

Benzinga ·  Nov 24, 2023 21:32

Versus Systems Inc. ("Versus" or the "Company") (NASDAQ:VS) announced today that the Company recently secured a strategic investment (the "Investment") from Cronus Equity Capital Group, LLC ("CECG").

The Investment contemplates the issuance of up to 24,727,361 common shares of Versus to CECG representing approximately 51% of the Company's issued and outstanding common shares of which 15,838,441 common shares (the "First Tranche) were issued to CECG on November 22, 2023 and a further 8,888,920 common shares (the "Second Tranche") are expected to be issued to CECG next week.

Per the terms of the agreement, CECG purchased the First Tranche at a price of $0.1618 per share, representing a premium to the five-day average Nasdaq Official Closing Price of $0.1578 per share, for a total USD $2,562,659.76. The Second Tranche will be completed at the same price per share.

There were no warrants in the transaction.

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