VersaBank (VBNK) Prices 5.5M Share Public Offering at $10/sh

VersaBank (to commence trading as NASDAQ: VBNK) 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 offering is being 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.

VersaBank expects that the net proceeds of the offering will be used for general banking purposes and will qualify as Common Equity Tier 1 capital for the Bank.

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.

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