VERSES® Announces Closing of Private Placement Offering of Units

Core Viewpoint - VERSES AI Inc. has successfully completed a non-brokered private placement offering, raising approximately C$745,805 (US$547,644) and extinguishing C$132,300 (US$97,148) in liabilities through the issuance of units [1][3]. Group 1: Offering Details - The offering consisted of 1,170,807 units priced at C$0.75 (US$0.55) per unit, with each unit comprising one Class A Subordinate Voting Share and one-half of a share purchase warrant [1][2]. - The warrants allow holders to purchase one share at an exercise price of C$1.00 (US$0.73) for 24 months from issuance [2]. Group 2: Use of Proceeds - The net proceeds from the offering are intended to strengthen the company's financial position, provide liquidity for ongoing operations, and support research and development objectives [3]. Group 3: Finder's Fees and Insider Participation - The company paid C$16,160 (US$11,866) in cash finders' fees and issued 75,546 finder warrants to assist with the offering [4]. - Michael Blum, the chairman, subscribed for 53,333 units, contributing C$40,000 (US$29,372) to the offering, which is classified as a related party transaction [6]. Group 4: Regulatory Compliance - All securities issued are subject to a statutory hold period of four months plus a day from the issuance date in accordance with Canadian securities legislation [5]. - The units and underlying shares and warrants have not been registered under the U.S. Securities Act and cannot be offered or sold in the U.S. without registration or an exemption [7].