Verses AI Inc. Announces Closing of $20,000,000 Prospectus Supplement Offering
Jan 09, 2025 - financialpost.com
Verses AI Inc., a cognitive computing company based in Vancouver, has successfully closed a $20 million prospectus supplement offering. The company issued 12,738,853 units at C$1.57 per unit, each comprising one Class A Subordinate Voting Share and one-half of a Share purchase warrant. The warrants allow holders to purchase additional shares at C$1.96 until January 9, 2028. The offering was completed with A.G.P. Canada Investments ULC as the lead agent, alongside other financial advisors. The proceeds will be used to strengthen the company's financial position, support research and development, and cover general corporate expenses.
The offering was conducted under a prospectus supplement dated January 7, 2025, and a base shelf prospectus from September 2024. The securities are not registered under the U.S. Securities Act and cannot be sold in the U.S. without registration or an exemption. Verses AI's flagship product, Genius™, is a toolkit for developing intelligent software agents inspired by natural principles. The company aims to enhance human potential through technology.
Key takeaways:
Verses AI Inc. closed a $20,000,000 prospectus supplement offering, issuing 12,738,853 units at C$1.57 per unit.
Each unit includes one Class A Subordinate Voting Share and one-half of a Share purchase warrant, with warrants exercisable at C$1.96 until January 9, 2028.
The offering was led by A.G.P. Canada Investments ULC, with A.G.P./Alliance Global Partners acting as the US Agent.
Proceeds will be used to strengthen the company's financial position, support research and development, and for general corporate purposes.
