The units are offered under a base shelf prospectus and a prospectus supplement, accessible on SEDAR+, and are available in Canada, the U.S., and other agreed jurisdictions. A.G.P. Canada Investments ULC is the lead agent for the offering, with A.G.P./Alliance Global Partners as the U.S. agent, and Clear Street LLC and TriView Capital Ltd. as financial advisors. VERSES aims to enhance human potential through technology inspired by nature, with its flagship product, Genius™, designed to create intelligent software agents. The offering's completion is subject to market conditions and necessary approvals, with risks outlined in the company's annual information form.
Key takeaways:
- VERSES AI Inc. has entered into securities purchase agreements for the sale of 12,738,854 units, raising approximately CDN$20 million.
- Each unit consists of one Class A Subordinate Voting share and one-half of one Share purchase warrant, with warrants exercisable at CDN$1.96 per share for three years.
- The offering is expected to close around January 9, 2024, subject to customary closing conditions and necessary approvals.
- Proceeds from the offering will be used to strengthen the company's financial position, finance ongoing operations, and support research and development objectives.