LONDON, ON, September 21, 2021 / CNW / – VersaBank (“VersaBank” or the “Bank”) today announced the price of its previously announced public offering of VersaBank common shares. VersaBank to issue 5,500,000 shares at a price of US $ 10.00 per share, the equivalent of CAD $ 12.80 per share based on the Bank of Canada exchange rate, for gross product of the United States $ 55,000,000. The offer is expected to close on September 24, 2021, subject to customary closing conditions.

Versabank logo (CNW Group / VersaBank)

The offer is being made through a syndicate of underwriters led by Raymond James & Associates, Inc. as sole manager of bookkeeping and Keefe, Bruyette & Woods, Inc., as co-manager and includes their respective Canadian brokerage and distribution companies.

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

The Bank also granted the underwriters the option to purchase up to 825,000 additional common shares, representing 15% of the number of common shares to be sold under the public offering, solely to hedge the position of over-allotment of underwriters, if any, and for market stabilization purposes. The option may be exercised by the underwriters for a period of 30 days following the closing of the offer.

In connection with the offering, VersaBank has filed an amended and restated preliminary prospectus supplement and will file a final prospectus supplement to its base shelf prospectus with the securities regulators of each of the provinces and territories of Canada, except Quebec. The Amended and Restated Preliminary Prospectus Supplement and Base Shelf Prospectus have also been filed and a final prospectus supplement will be filed with the United States Securities and Exchange Commission in connection with a registration statement on Form F-10, as may be amended from time to time. in time, under the United States-Canada multi-jurisdictional disclosure system (MJDS). The public offer is made in Canada only by means of the base shelf prospectus and prospectus supplement and in United States only by means of the registration statement, including the base shelf prospectus and the prospectus supplement. These documents contain important information about the offer. Copies of the Base Shelf Prospectus and Prospectus Supplement are available on SEDAR at www.sedar.com, and a copy of the registration statement can be found on EDGAR at www.sec.gov. Copies of these documents may also be obtained from any of the following sources: Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by phone at (800) 248-8863 or by e-mail at [email protected]; and Keefe, Bruyette & Woods, Inc. A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, New York State 10019, Attention: Equity Capital Markets, or by calling (800) 966-1559.

No securities regulatory authority has approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of Common Shares in any province, state or jurisdiction where such an offer, solicitation or sale would be illegal before registration. or qualifying under the securities laws of any such province, state or jurisdiction.

About VersaBank:
VersaBank is a Canadian Schedule I chartered bank with a difference. VersaBank became the world’s first fully digital financial institution when it adopted its highly efficient business-to-business model using its proprietary, cutting-edge financial technology to profitably respond to underserved segments of the Canadian banking market in pursuit of net interest superior. margins while mitigating risk. VersaBank obtains all of its deposits and delivers the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that enable them to excel in their core businesses. Additionally, by leveraging its in-house developed IT security software and capabilities, VersaBank has wholly owned, Washington DCbased subsidiary, DRT Cyber ​​Inc., to pursue significant opportunities in the cybersecurity market and develop innovative solutions to deal with the growing volume of cyberthreats that challenge financial institutions, multinational corporations and government entities on a daily basis.

VersaBank’s common shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 preferred shares trade under the symbol VB.PR.A. VersaBank common stock will begin trading on the Nasdaq Global Select Market under the symbol “VBNK” on September 22, 2021.

Special Note Regarding Forward-Looking Statements:
This press release contains statements that constitute “forward-looking statements” and “forward-looking information” within the meaning of US and Canadian securities laws, including, without limitation, statements regarding the conduct of the offering. ; the expected listing of the Common Shares on Nasdaq and on the TSX; the grant of the underwriters over-allotment option; and the intended use of the revenues. Forward-looking statements present the Bank’s current expectations and projections regarding its financial condition, results of operations, plans, objectives, future performance and activities, including the Bank’s expectations regarding the transactions described in this press release. release and the intended use of the proceeds thereof, and can be identified by the fact that they do not relate strictly to historical or current facts. These forward-looking statements may include words such as “expect”, “anticipate”, “intend”, “believe”, “estimate”, “plan”, “target”, “the strategy”, ” continue ”,“ can ”,“ will ”,“ should ”, variations of these words, or other words and terms with similar meanings. All forward-looking statements reflect the best judgment of the Bank and are based on several factors relating to its operations and its business environment, all of which are difficult to predict and many of which are beyond its control. These factors include, but are not limited to: the inability of the Bank to complete the offering of the Common Shares; the strength of the Canadian economy in general and the strength of local economies within Canada in which VersaBank operates; the impact of the COVID-19 pandemic; the effects of changes in monetary and fiscal policy, including changes in the Bank’s interest rate policy Canada; trends in world commodity prices; the effects of competition in the markets in which VersaBank operates; fluctuations in the capital market; the development and timely introduction of new products to receptive markets; the impact of changes in laws and regulations relating to financial services; changes in tax laws; technological changes; unexpected legal or regulatory proceedings; unexpected change in consumer spending and saving habits; and the anticipation and success of VersaBank in managing the risks resulting from the above. The forward-looking statements are based on the information available to the Bank at the date hereof, and it does not have, and expressly disclaims, any obligation to publicly publish any update or any change in its expectations, or any change in the events, conditions or circumstances upon which any forward-looking statement is based. The actual results of the Bank and the timing of certain events could differ materially from forward-looking statements. These forward-looking statements do not reflect the potential impact of mergers, acquisitions or other business combinations that have not taken place as of the date of this press release.

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