VERSES® Announces Conversion of Strategic Investment by G42
VERSES AI (OTCQB:VRSSF) announces the conversion of convertible debentures held by G42, a UAE-based AI technology group, into company units. The conversion stems from G42's June 2024 US$10 million investment through its subsidiary EPTH, which was initially structured as unsecured convertible debenture units.
The conversion was executed at C$1.20 per Conversion Unit, with each unit comprising one Class A Subordinate Voting Share and half a share purchase warrant. The original debentures carried a 10% annual interest rate. The Conversion Warrants are exercisable for three years at C$1.96 per share.
VERSES AI (OTCQB:VRSSF) annuncia la conversione delle obbligazioni convertibili detenute da G42, un gruppo tecnologico di intelligenza artificiale con sede negli Emirati Arabi Uniti, in unità aziendali. La conversione deriva dall'investimento di 10 milioni di dollari USA effettuato da G42 nel giugno 2024 attraverso la sua controllata EPTH, inizialmente strutturato come unità di obbligazioni convertibili non garantite.
La conversione è stata eseguita a C$1,20 per unità di conversione, con ogni unità composta da un'azione di classe A subordinata e mezza opzione di acquisto di azioni. Le obbligazioni originali portavano un tasso di interesse annuo del 10%. Le opzioni di conversione possono essere esercitate per tre anni a C$1,96 per azione.
VERSES AI (OTCQB:VRSSF) anuncia la conversión de los bonos convertibles en manos de G42, un grupo de tecnología de IA con sede en los Emiratos Árabes Unidos, en unidades de la empresa. La conversión proviene de la inversión de 10 millones de dólares estadounidenses de G42 en junio de 2024 a través de su filial EPTH, que se estructuró inicialmente como unidades de bonos convertibles no garantizados.
La conversión se llevó a cabo a C$1,20 por unidad de conversión, con cada unidad compuesta por una acción de clase A subordinada y media opción de compra de acciones. Los bonos originales tenían una tasa de interés anual del 10%. Las opciones de conversión son ejercitables durante tres años a C$1,96 por acción.
VERSES AI (OTCQB:VRSSF)는 아랍에미리트에 본사를 둔 인공지능 기술 그룹 G42가 보유한 전환사채를 회사 유닛으로 전환한다고 발표했습니다. 이 전환은 G42가 2024년 6월에 자회사 EPTH를 통해 진행한 1천만 달러 미국 투자에서 비롯됩니다. 이 투자는 처음에 무담보 전환사채 유닛으로 구조화되었습니다.
전환은 C$1.20 전환 유닛당으로 실행되었으며, 각 유닛은 1개의 A 클래스 종속 투표 주식과 절반의 주식 구매 워런트로 구성됩니다. 원래의 전환사채는 연 10% 이자율을 가지고 있었습니다. 전환 워런트는 C$1.96 주식당으로 3년 동안 행사할 수 있습니다.
VERSES AI (OTCQB:VRSSF) annonce la conversion des obligations convertibles détenues par G42, un groupe de technologie IA basé aux Émirats Arabes Unis, en unités de l'entreprise. Cette conversion découle de l'investissement de 10 millions de dollars US réalisé par G42 en juin 2024 à travers sa filiale EPTH, qui était initialement structurée comme des unités d'obligations convertibles non garanties.
La conversion a été effectuée à C$1,20 par unité de conversion, chaque unité comprenant une action de vote subordonnée de classe A et une demi-option d'achat d'actions. Les obligations originales portaient un taux d'intérêt annuel de 10%. Les bons de conversion peuvent être exercés pendant trois ans à C$1,96 par action.
VERSES AI (OTCQB:VRSSF) gibt die Umwandlung von von G42, einer auf KI-Technologie spezialisierten Gruppe mit Sitz in den VAE, gehaltenen wandelbaren Anleihen in Unternehmensanteile bekannt. Diese Umwandlung resultiert aus G42s 10 Millionen US-Dollar Investition im Juni 2024 über ihre Tochtergesellschaft EPTH, die ursprünglich als ungesicherte wandelbare Anleihen strukturiert war.
Die Umwandlung wurde zu C$1,20 pro Umwandlungsanteil durchgeführt, wobei jeder Anteil aus einer Klasse-A-Stimmrechtsaktie und einem halben Aktienoptionsschein besteht. Die ursprünglichen Anleihen hatten einen jährlichen Zinssatz von 10%. Die Umwandlungsoptionen sind drei Jahre lang zu C$1,96 pro Aktie ausübbar.
- Strategic investment of US$10M from major UAE AI tech group G42
- Successful conversion of debentures indicates investor confidence
- Warrant exercise price of C$1.96 represents potential upside from C$1.20 conversion price
- Potential dilution for existing shareholders from conversion of debentures and warrants
Convertible Debentures Converted into Units at C
VANCOUVER, B.C., March 04, 2025 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) ("VERSES'' or the "Company”), a cognitive computing company specializing in next-generation intelligent software systems, announces that the Convertible Debentures (as defined below) held by Group 42 Holding Ltd (“G42”), a leading UAE-based AI technology group, were converted in accordance with their terms into units of the Company (“Conversion Units”).
In June 2024, G42, through Expansion Project Technologies Holding 9 SPV RSC Ltd (EPTH), an indirect wholly-owned subsidiary of G42, invested US
Each Conversion Unit is comprised of one Class A Subordinate Voting Share of VERSES (a “Class A Share”) and one-half of one share purchase warrant of VERSES (each whole warrant, a “Conversion Warrant”), at a conversion price of C
About VERSES
VERSES is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of Nature. Designed around first principles found in science, physics and biology, our flagship product, Genius, is a suite of tools for machine learning practitioners to model complex dynamic systems and generate autonomous intelligent agents that continuously reason, plan, and learn. Imagine a Smarter World that elevates human potential through technology inspired by Nature. Learn more at verses.ai, LinkedIn, and X.
On behalf of the Company
Gabriel René, Founder & CEO, VERSES AI Inc.
Press Inquiries: press@verses.ai
Investor Relations Inquiries
U.S., Matthew Selinger, Partner, Integrous Communications, mselinger@integcom.us 415-572-8152
Canada, Leo Karabelas, President, Focus Communications, info@fcir.ca 416-543-3120
FAQ
What are the terms of G42's investment conversion in VERSES AI (VRSSF)?
How much did G42 initially invest in VERSES AI (VRSSF) and when?
What is the exercise price and duration of VRSSF's Conversion Warrants?
What was the interest rate on VRSSF's original convertible debentures?
