VERSES AI Inc. has successfully completed a non-brokered private placement offering, securing CAD$2.65M in gross proceeds.
The offering included secured convertible debenture units, with a portion in cash and additional detachable share purchase warrants.
Convertible Debentures are convertible into Class A Subordinate Voting Shares of the Company at a specified conversion price.
Convertibility and Conversion Price
Convertible Debentures can be converted into Class A Subordinate Voting Shares of the Company at CAD$3.04 per Share.
Maturity and Interest Rate
Convertible Debentures mature on December 18, 2027, with an annual interest rate of 15%.
Use of Proceeds
Net proceeds from the offering will be allocated towards general working capital purposes.
- The successful closure of the financing round indicates investor confidence in VERSES AI Inc.'s strategic direction and future growth prospects.
- The terms of the offering, including the conversion price and interest rate, provide insight into the financial health and potential valuation of the Company.
The secured convertible debenture financing represents a significant milestone for VERSES AI Inc., enabling the company to strengthen its financial position and support its operational goals.