BRESLAU, ON, Jan. 17, 2018 /CNW/ - 340268 Ontario Limited ("340") announces that it acquired beneficial ownership of a total of 550,000 common shares of VersaBank, a London Ontario based Canadian Schedule 1 bank, representing approximately 2.6% of the issued and outstanding common shares of VersaBank (the "Bank Common Shares").
Immediately prior to the acquisition 340 owned 6,671,992 Bank Common Shares representing approximately 31.58% of the then issued and outstanding Bank Common Shares. This acquisition increases 340's position in the Bank Common Shares to 7,221,992 Bank Common Shares, or approximately 34.18% of the presently issued and outstanding Bank Common Shares.
The securities were acquired on January 10, 2018 in a single transaction through a private sale at a price of C$7.00 per Bank Common Share for an aggregate purchase price of $3,850,000. 340 has acquired the Bank Common Shares for investment purposes, and may acquire further Bank Common Shares, or dispose of its holdings of Bank Common Shares, both as investment conditions warrant. The Bank Common Shares are listed on the Toronto Stock Exchange under the symbol "VB".
The acquisition of the Bank Common Shares was made in reliance on the private agreement exemption under section 4.2 of National Instrument 62-104. Purchases were made from not more than 5 persons at a price below 115% of the applicable market price.
340 is a private investment company with its head office located at 5093 Fountain Street North, Breslau, ON N0B 1M0.
SOURCE 340268 Ontario Limited
For further information: or to obtain a copy of the report filed with securities regulators relating to this acquisition please contact Patrick George at [email protected] or (519) 648-2285. VersaBank's head office is located at Suite 2002, 140 Fullarton Street, London, ON N6A 5P2.