12:53 PM EST, 12/24/2024 (MT Newswires) -- VersaBank ( VBNK ) on Tuesday announced that the underwriters of its prior announced public offering of common shares have fully exercised their option to purchase an additional 849,056 common shares at a price of US$13.25 (approximately C$19.07) per share, resulting in additional gross proceeds of US$11.24 million (near C$16,194 million).

The sale of the additional shares closed today.

After giving effect to the full exercise of the over-allotment option, the total number of common shares sold by the bank in the offering increased to 6.5 million and gross proceeds increased to US$86.25 million.

The net proceeds from the offering will be used for general banking purposes and will qualify as Common Equity Tier 1 capital for the bank.

VBNK was down 1.1% at $19.12.

Price: 19.12, Change: -0.22, Percent Change: -1.14