VERSES Closes Second Tranche of Convertible Debenture Financing for $1.9M
VERSES Technologies Inc. (OTCQX:VRSSF) has announced the completion of the second tranche of its non-brokered private placement, raising an additional C$1,903,436. This brings the total raised in the private placement to C$6,904,845. The funds will be utilized for general working capital purposes. The company issued 664,860 detachable warrants, and finders were compensated with C$136,960 in fees and broker warrants. All securities are subject to a four-month hold period from the issuance date. The company continues to focus on its innovative AI solutions, leveraging cognitive computing.
- Raised C$1,903,436 in second tranche of private placement.
- Total funds raised from the private placement reached C$6,904,845.
- Funds will support general working capital needs.
- None.
VANCOUVER, British Columbia, March 22, 2023 (GLOBE NEWSWIRE) -- VERSES Technologies Inc. (NEO:VERS) (OTCQX:VRSSF) ("VERSES'' or the "Company”), a cognitive computing company specializing in the next generation of Artificial Intelligence (AI) solutions, is pleased to announce that further to its news release dated February 27, 2023, and March 1, 2023 it has raised additional gross proceeds of C
Together with proceeds from the first tranche of the Private Placement, the Company has raised an aggregate of C
Under the second tranche of the Private Placement, VERSES paid fees to eligible finders consisting of: (i) C
The Units were offered to investors as both Canadian dollar denominated units and United States dollar denominated units and as such, the aggregate proceeds from the Private Placement were determined in part by using an exchange rate of USD
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 (TM), is an Intelligent Assistant for everyone powered by KOSMOS (TM), a network operating system enabling distributed intelligence. Built on open standards, KOSMOS 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.
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
The NEO has not reviewed or approved this press release for the adequacy or accuracy of its contents.
Forward-Looking Statements Cautionary Note
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “should,” “would” or “occur.” This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the securities offered under the Private Placement, the completion of additional tranches of the Private Placement and the use of proceeds from the Private Placement. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will obtain approval of additional tranches of the Private Placement from the NEO in a timely manner.
These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks relating to the Company being unable to obtain approval of the Private Placement from the NEO, unanticipated costs and other risk factors disclosed in the Company’s disclosure record on www.sedar.com under the Company’s profile. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
FAQ
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