VERSES AI Secures $7.9 Million to Fuel Growth and Innovation

VERSES AI Closes Successful Public Offering

VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF), a pioneering cognitive computing company, has successfully completed a significant public offering by securing gross proceeds of approximately US$7.9 million (C$11.0 million). This achievement marked the issuance of 2,750,000 units priced at US$2.88 (C$4.00) each, reinforcing the company's commitment to advancing its innovative software systems.

Details of the Public Offering

The units issued consist of one Class A Subordinate Voting Share and one-half of a share purchase warrant, granting investors the right to purchase additional shares at an exercise price of US$3.60 (C$5.00). Each warrant remains valid for 36 months from the issuance date. The offering was facilitated through an agency agreement involving renowned partners including A.G.P. Canada Investments ULC and Clear Street LLC.

Use of Proceeds

The net proceeds from this offering are earmarked to bolster the company's liquidity while supporting ongoing operations, particularly focusing on research and development initiatives. This financial boost is expected to significantly enhance VERSES AI's capacity to pursue its corporate objectives and strengthen its competitive edge in the market.

Compensation Structure

As part of the arrangement, VERSES AI has agreed to compensate its agents with a cash commission amounting to 7% of the gross proceeds, along with compensation warrants equivalent to 3.5% of the units sold. This compensation will incentivize agents while ensuring alignment with the company's tenure and growth targets.

Regulatory Framework

The offering complied with applicable regulations, being completed in Canada under a prospectus supplement that aligns with existing securities laws. The necessary filings were made with Canadian securities commissions and the U.S. Securities and Exchange Commission (SEC). This rigorous regulatory adherence underscores the company's commitment to transparency and investor security.

Trading Information

Currently, shares of VERSES are actively traded on the Cboe Canada under the symbol “VERS” as well as on the OTCQB under “VRSSF”. This dual listing broadens the investment opportunities for potential shareholders and reflects the company's growth trajectory.

About VERSES AI

VERSES AI Inc. stands at the forefront of cognitive computing, developing advanced intelligent software systems inspired by the principles of nature and various scientific disciplines. Its flagship product, Genius™, serves as an essential toolkit for practitioners in machine learning, enabling the modeling of complex systems and fostering the creation of autonomous intelligent agents.

Fostering a vision of a smarter world, VERSES AI aims to empower human potential through innovative technology that reflects the beauty of nature's design.

Company Leadership

Under the leadership of Gabriel René, Founder & CEO, VERSES AI continues to pave the way in cognitive computing, emphasizing the importance of integration between technology and natural principles.

Frequently Asked Questions

What was the amount raised in the public offering by VERSES AI?

VERSES AI raised approximately US$7.9 million (C$11.0 million) through the public offering.

What is included in each unit issued by VERSES AI?

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

How long are the warrants valid for?

The warrants are valid for 36 months from the date of issuance.

What are the intended uses for the proceeds of the offering?

The proceeds will be utilized to strengthen the company's financial position and support ongoing research and development, alongside general corporate purposes.

On which exchanges are VERSES AI shares traded?

VERSES AI shares are traded on the Cboe Canada exchange under the symbol “VERS” and on the OTCQB under “VRSSF”.

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