Verses AI Secures $20 Million to Advance Innovative Technologies

Verses AI Inc. Makes Significant Strides with Funding Closure

Verses AI Inc. is proud to share that it has successfully closed a substantial funding round, amounting to approximately C$20,000,000. This achievement marks a pivotal moment for the Company, indicating robust interest and confidence from investors in its innovative offerings.

Details of the Offering

The recent offering allowed Verses AI to issue 12,738,853 units, each priced at C$1.57. Each unit consists of one Class A Subordinate Voting Share and a half of a share purchase warrant, which entitles investors to purchase additional shares at C$1.96. This strategic financial move has opened doors for further innovation and development within the company.

Agent and Advisor Collaboration

A.G.P. Canada was at the forefront of this offering as the lead agent, efficiently steering the process alongside financial advisors Clear Street LLC and TriView Capital Ltd. Their expert guidance significantly contributed to the success of this venture.

Comments from Leadership

Gabriel René, the founder and CEO of Verses AI, expressed his enthusiasm stating, "We are thrilled to close a successful offering with A.G.P. This milestone represents our most important institutional-led offering to date, positioning us strongly for future endeavors."

Usage of Proceeds

The funds garnered from the offering are earmarked primarily for enhancing the Company's financial standing. They will provide necessary liquidity to finance ongoing operations, particularly focusing on the Company’s research and development goals. This allocation of funds underscores Verses AI's commitment to its innovation trajectory.

Compensation and Commissions

In the context of the offering, Verses AI compensated A.G.P. Canada with cash equivalent to 8% of the gross proceeds. Additionally, the Company issued compensation warrants that allow the acquisition of units at the same initial offering price. These steps reflect the Company’s intent to forge lasting relationships with its partners while being mindful of costs.

Foundation for Future Development

The offering was handled under a prospectus supplement, ensuring compliance with regulatory requirements. This ensures that Verses AI is not only poised for immediate gain but also sets a strong foundation for future investments and growth opportunities.

Innovative Vision of Verses AI

Verses AI operates at the intersection of cutting-edge technology and cognitive computing. The Company's flagship product, Genius™, serves as a toolkit for developers, allowing them to create intelligent software agents that can reason, learn, and plan effectively. This innovation is a testament to the visionary approach that drives the company, modeling intelligent software systems inspired by Nature.

Commitment to Making a Difference

The overarching goal of Verses AI is to leverage technology to elevate human potential. By integrating principles from science and biology into its products, the Company aspires to create a smarter world that enhances the way people interact with technology.

Holistic Approach to Business

Looking ahead, Verses AI will focus on expanding its capabilities and offerings, all while maintaining a clear vision toward sustainable and responsible innovation. The commitment to strengthening its operational framework and improving liquidity sets the stage for continued growth.

Frequently Asked Questions

What was the total amount raised by Verses AI in the recent offering?

Verses AI raised approximately C$20,000,000 through its offering.

What does each unit comprise in the offering?

Each unit consists of one Class A Subordinate Voting Share and half of a share purchase warrant.

Who were the financial advisors involved in the offering?

Clear Street LLC and TriView Capital Ltd. acted as financial advisors for Verses AI during the offering.

How will the proceeds from the offering be utilized?

The proceeds will primarily support ongoing operations, including research and development expenses.

What is Genius™?

Genius™ is Verses AI's flagship product, allowing developers to create intelligent software agents that enhance existing applications.

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