Secondary Stock OfferingsBy The Online Investor Staff, updated Thu., Sep. 23, 2:02 AM
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Slide #2. VersaBank — Secondary Offering
Date of Pricing:
Price Per Share:
Secondary Offering Details:
VersaBank ("VersaBank" or the "Bank") 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. 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 is engaged in the business of providing commercial lending services to selected niche markets. Co., along with its parent, receives deposits through a diversified network of deposit brokers and is a member institution of the Canada Deposit Insurance Corporation ("CDIC"). Co. invests these funds in loans, leases, commercial mortgages, residential development mortgages, debt of corporations, and government guaranteed securities. Co. has two primary business activities, deposit services and lending services.
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