Opal Energy intends to raise C$3 million through an equity financing

Offering funds merger with Los Angeles video game software developer

By Devika Patel

Knoxville, Tenn., Nov. 25 – Opal Energy Corp. said it will raise C$3 million in an equity financing. The offering is being conducted in connection with a recent letter of intent with Versus LLC in which the company agreed to acquire all of Versus’ outstanding securities.

In consideration for the Versus shares, Opal will pay over $5.6 million to the Versus shareholders in the form of cash, stock and warrants.

Versus chief executive officer Matthew Pierce will become the chief executive officer of the new, merged company.

Proceeds will be used for the $1.5 million payment owed to the Versus shareholders for the acquisition, with the balance to be used for development of the business and general working capital.

Opal is a natural gas company based in Vancouver, B.C. Versus, based in Los Angeles, has developed software that allows video game publishers and developers to offer prize-based tournaments.

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