VERSES AI Announces Successful Second Tranche Completion

VERSES AI Completes Successful Second Tranche of LIFE Offering

VERSES AI Inc. is thrilled to share that they have finalized the second tranche of their non-brokered private placement, known as the LIFE Offering. This move has garnered impressive aggregate funds, pushing the total to $5.2 million from recent offerings.

Details of the LIFE Offering and Fundraising Success

The second tranche of the LIFE Offering, which closed recently, raised a total of $512,800 through the issuance of 1,025,600 LIFE Units, priced at $0.50 each. Each unit comprises a Class A Subordinate Voting share alongside a half-share purchase warrant, making it an attractive option for investors looking to support the company.

The initial tranche had already seen notable success, closing just days prior with gross proceeds of $2,903,850. These capital injections provide VERSES with significant operational flexibility, allowing the company to continue pushing forward with its innovative projects.

Strategic Allocation of Proceeds for Growth

VERSES has outlined that the proceeds from the LIFE Offering will be allocated towards general working capital and supporting ongoing operations. A significant focus will be on research and development, especially for their flagship project, Genius™, which aims to revolutionize intelligent software systems inspired by natural cognitive processes.

Investors can look forward to seeing how these funds will bolster VERSES' mission to create software that enhances application capabilities through learning and reasoning, a true game changer in the tech industry.

Conduct of the Offering and Compliance with Regulations

The LIFE Offering was conducted across various provinces in Canada, except for Québec, taking advantage of the exemptions under NI 45-106 regulations. Additionally, the fundraising efforts extended into the United States under safe harbor provisions, allowing a wider pool of investors to participate.

The company ensured that all necessary regulatory approvals were obtained, signifying compliance with both Canadian securities laws and U.S. regulations, ensuring that the interests of investors remain protected.

What are LIFE Units?

LIFE Units are essentially a combination of shares and warrants that provide investors with both immediate equity and future purchase options. This structure adds a layer of flexibility for investors looking to engage with VERSES AI's growth journey.

Compensation for Advisors and Finders

As part of the successful closure of the second tranche, VERSES AI compensated various advisors involved in the process. A total of CAD 30,082 was paid out in cash commissions alongside 60,164 compensation warrants, which can also be converted into units under the same terms as the LIFE Units.

Introducing Genius™ - A Game Changer in Technology

At the heart of VERSES' innovation is Genius™, a platform designed for developers to build intelligent software agents. This toolkit is not just any ordinary software; it leverages principles from science and nature to enhance functionality, making it a distinctive contender among tech solutions.

The company embraces a vision of a 'Smarter World', one that enhances human capabilities through innovative technologies. Genius™ is a testament to this vision, enabling applications that think and learn, setting the stage for a future where technology complements human abilities seamlessly.

About VERSES AI

VERSES AI Inc. is not just another technology company; it is a pioneer at the intersection of cognitive computing and software development. By building intelligent systems inspired by nature, VERSES strives to push the boundaries of what technology can achieve. Their commitment to excellence and innovation positions them strongly in the evolving tech landscape.

Frequently Asked Questions

What is the LIFE Offering?

The LIFE Offering is a non-brokered private placement by VERSES AI to raise funds to support their operations and innovations.

How much has VERSES raised through the LIFE Offering?

So far, VERSES has raised a total of $5.2 million from the recent offerings, with the second tranche contributing $512,800.

What are the main uses for the funds raised?

The funds will primarily be used for general working capital, ongoing operations, and research and development initiatives, particularly Genius™.

Who can invest in the LIFE Offering?

The LIFE Offering is available to investors within Canada (excluding Québec) and the United States, adhering to the regulations laid out for securities offerings.

What is Genius™?

Genius™ is VERSES' flagship product, designed for developers to create intelligent software agents by leveraging principles of cognition inspired by nature.

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