The net proceeds from both offerings will be used for general working capital purposes, funding ongoing operations, and funding research and development, including the development of Genius, the company's flagship product. The first tranche of the LIFE Offering is expected to close on or about November 8, 2024.
Key takeaways:
- VERSES AI Inc. has closed its non-brokered private placement of 3,600,000 special warrants at a price of $0.50 per Special Warrant for aggregate gross proceeds of $1.8 million.
- The company has increased the size of its Special Warrant Offering from $1.6 million to $1.8 million, which was accepted by Cboe Canada prior to closing.
- VERSES AI Inc. has also upsized its previously announced non-brokered private placement of units, intending to complete a placement of a minimum of 6,800,000 units and up to a maximum of 8,374,198 units at a price of $0.50 per unit for aggregate gross proceeds of up to $4,187,099.
- The net proceeds of the Special Warrant Offering and the LIFE Offering will be used for general working capital purposes, to fund ongoing operations, and to fund research and development, including the development of Genius.