VERSES AI Inc. closes a financing arrangement with Sorbie Bornholm LP for a notional value of CAD$14 million.
The company received the first tranche of CAD$700,000 as part of the offering.
The net proceeds from the offering will be used for working capital and general corporate purposes.
Financing Details
The offering consists of 2,660,000 Units, each including one Common Share and one half Warrant with an exercise price of CAD$7.00.
Tranche Payments
VERSES expects to receive eleven additional tranches, calculated based on the 20-day Value Weighted Average Price compared to a benchmark price of CAD$7.75.
Hold Period
Securities issued are subject to a statutory hold period of four months plus a day according to Canadian securities legislation.
- The financing provides VERSES with significant capital to support its operations and growth plans.
- The structure of the offering allows for continued funding through monthly tranches based on market performance.
- The non-brokered private placement helps in strengthening the company's financial position for upcoming activities.
VERSES AI Inc.'s successful closure of the financing arrangement reflects investor confidence in the company's vision and potential growth.