Versus Systems Inc. (VS) said that it secured a strategic investment from Cronus Equity Capital Group LLC or "CECG".
The Investment contemplates the issuance of up to about 24.73 million common shares of Versus to CECG representing about 51% of the company's issued and outstanding common shares of which 15.84 million common shares or the "First Tranche were issued to CECG on November 22, 2023 and a further 8.89 million common shares or the "Second Tranche" are expected to be issued to CECG next week.
As per the terms of the deal, 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 $2.56 million. The Second Tranche will be completed at the same price per share.
There were no warrants in the transaction.
In Friday pre-market trade, VS was trading at $0.25 up $0.09 or 50.60%.
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