VERSES Closes Final Tranche of Convertible Debenture Financing for Aggregate Proceeds of C$7.5 Million

VERSES AI, 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, March 1, 2023 and March 22, 2023, it has raised additional gross proceeds of C$600,000 under the third and final tranche of its non-brokered private placement (the “Private Placement”) of unsecured convertible debentures units of the Company (“Units”) comprised of Convertible Debentures (as defined herein) and Warrants (as defined herein) through the sale of unsecured convertible debentures of the Company (“Convertible Debentures”) in the principal amount of C$600,000 and 210,000 detachable warrants (“Warrants”) to purchase Class A Subordinate Voting shares of the Company (“Shares”). Please see the Company’s news release dated February 27, 2023 for additional details regarding the terms of the Private Placement.

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Together with proceeds from the first and second tranches of the Private Placement, the Company has raised an aggregate of C$7,504,845.30 under the Private Placement. The proceeds from the Private Placement are intended to be used for general working capital purposes. All securities issued pursuant to the Private Placement are and will be subject to a four month hold period from the date of issue.

Under the third tranche of the Private Placement, VERSES paid fees to eligible finders consisting of: (i) C$48,000; and (ii) 34,286 broker warrants (the “Broker Warrants”). Each Broker Warrant will entitle the holder thereof to acquire one Share at an exercise price of C$1.00 until August 15, 2025 or on such other terms as required by the Neo Exchange Inc. (the “NEO”).

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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$1.00:C$1.3583, such rate calculated by reference to the daily average exchange rates reported by the Bank of Canada on the dates immediately preceding each closing.

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.

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