VERSES AI Announces Proceeds of $2.48 Million From Warrant and Option Exercises

Rhea-AI Summary

VERSES AI Inc. (OTCQX:VRSSF) has announced the successful exercise of various warrants and stock options, generating total gross proceeds of $2,486,300. This includes the exercise of 189,130 broker warrants, 1,826,996 Class A subordinate voting share purchase warrants, and 650,000 stock options. As a result, 2,666,126 Class A subordinate voting shares were issued. CEO Gabriel René expressed satisfaction with the strengthened financial position, asserting that the additional funds bolster the balance sheet and offer a runway to fulfill the company’s vision, thanking investors for their support. VERSES specializes in cognitive computing and is known for its flagship product, GIA™, powered by the KOSMOS™ operating system, which enhances collaboration between humans and AI.

Positive

• Generated $2,486,300 in gross proceeds from warrants and options, strengthening the financial position.
• Increased share issuance of 2,666,126 Class A subordinate voting shares enhances liquidity.
• CEO's message indicates investor confidence and a clear vision for future growth.

Negative

• None.

VANCOUVER, British Columbia, April 24, 2023 (GLOBE NEWSWIRE) -- VERSES AI Inc. (NEO:VERS) (OTCQX:VRSSF) (“VERSES” or the “Company”) is pleased to announce that the Company has received aggregate gross proceeds of $2,486,300 from the exercise of 189,130 broker warrants, 1,826,996 Class A subordinate voting share purchase warrants and 650,000 stock options. In connection with the foregoing exercises, the Company issued a total of 2,666,126 Class A subordinate voting shares.

Message from the CEO

“I am pleased to report the strengthening of our financial position. The additional funds strengthen our balance sheet and provides us with the runway to execute on our vision. I would like to thank our investors for their ongoing support and confidence in the Company,” commented Gabriel René, Co-founder and CEO of VERSES.

About VERSES

VERSES is a cognitive computing company specializing in next-generation Artificial Intelligence. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES' flagship offering, GIA™, is an Intelligent Assistant for everyone powered by KOSMOS™, a network operating system enabling distributed intelligence. Built on open standards, KOSM transforms disparate data into knowledge models that foster trustworthy collaboration between humans, machines, and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn, and Twitter.

On Behalf of the Company
Gabriel René
VERSES Technologies Inc.
Co-Founder & CEO
press@verses.io

Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
info@fcir.ca
416-543-3120

NEO Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.

FAQ

What amount did VERSES AI Inc. raise from the warrant exercises on April 24, 2023?

VERSES AI Inc. raised $2,486,300 from the exercise of warrants and stock options on April 24, 2023.

How many shares were issued by VERSES AI Inc. after the recent warrant and option exercises?

A total of 2,666,126 Class A subordinate voting shares were issued by VERSES AI Inc.

What is the stock symbol for VERSES AI Inc.?

The stock symbol for VERSES AI Inc. is VRSSF.

What is the significance of the funds raised by VERSES AI Inc. for its business?

The funds raised strengthen VERSES AI Inc.'s balance sheet and provide a runway for executing its business vision.

Who is the CEO of VERSES AI Inc. and what did he say about the funds raised?

Gabriel René is the CEO of VERSES AI Inc. He expressed that the funds strengthen the company's financial position and thanked investors for their support.