VersaPay Corporation announced the closing of a credit facility with National Bank of Canada's Technology and Innovation Banking Group ("NBC"). The facility consists of a $4.0 million revolving credit facility (the "Facility") which matures in April 2021, extendable thereafter. The Facility is secured by assets of VersaPay and its US subsidiary, which primarily consists of intellectual property and accounts receivable. The proceeds of the Facility will be used for general corporate and working capital purposes. Pursuant to the agreed upon conditions of the Facility, the Company can draw down funds as required based on a multiple of the monthly recurring revenue ("MRR") of its ARC software product. Pricing is set at the Prime Rate plus 2.0% per annum for the Facility, and contains customary financial and restrictive covenants.