VERSES Closes Second Tranche of LIFE Offering Bringing Aggregate Funds Raised to $5.2M From Recent Offerings

Core Points - VERSES AI Inc. has successfully closed the second tranche of its non-brokered private placement, the LIFE Offering, raising gross proceeds of $512,800 [1][4] - The first tranche of the LIFE Offering raised$2,903,850, and an additional private placement of special warrants raised $1,800,000 on November 8, 2024 [1][2] - The LIFE Offering is structured to utilize the listed issuer financing exemption, allowing shares to be freely tradable without a hold period [3] Offering Details - In the second tranche, the company issued 1,025,600 LIFE Units at a price of$0.50 per unit, each consisting of one Class A Subordinate Voting share and one-half of a share purchase warrant [2] - Each warrant allows the holder to acquire one share at an exercise price of $0.70 for a period of 36 months from November 15, 2024 [2] - The offering was conducted across all provinces in Canada, except Québec, and in the United States under exemptions from registration requirements [4] Financial Aspects - The company paid a cash commission of C$30,082 to finders and advisors and issued 60,164 compensation warrants, each exercisable into one unit at the offering price for 36 months [5] - The net proceeds from the LIFE Offering will be allocated for general working capital, ongoing operations, and research and development, including the development of the Genius product [6] Company Overview - VERSES is a cognitive computing company focused on creating intelligent software systems inspired by natural principles, with its flagship product, Genius™, designed to enhance applications with reasoning, planning, and learning capabilities [8]