VERSES Closes CAD$2.65 Million Convertible Debenture Unit Financing

Core Points - VERSES AI Inc. has successfully closed a non-brokered private placement offering, raising gross proceeds of CAD$2.65 million, with CAD$2.4 million in cash [1][4] - The offering consists of secured convertible debenture units, each unit comprising CAD$1,000 principal amount of convertible debentures and 164 detachable share purchase warrants [2] - The convertible debentures have a conversion price of CAD$3.04 per share and mature on December 18, 2027, with an interest rate of 15% per annum [3] Financial Structure - Each unit includes secured convertible debentures and detachable share purchase warrants, with the warrants exercisable at CAD$7.00 per share until December 18, 2028 [2] - The convertible debentures are secured by a first-ranking security interest over all present and after-acquired property and assets of the company [3][4] - The net proceeds from the offering will be used for general working capital purposes [4] Regulatory and Compliance - The securities issued under the offering are subject to a statutory hold period of four months plus a day from the date of issuance [4] - The offering is subject to final approval by Cboe Canada Inc. [4] - The securities will not be registered under the U.S. Securities Act, and cannot be offered or sold in the United States without registration or an applicable exemption [5][6] Company Overview - VERSES is a cognitive computing company focused on developing next-generation agentic software systems inspired by nature [7] - The flagship product, Genius™, is designed to generate reliable domain-specific predictions and decisions under uncertainty [7]