VERSES AI Inc. announced a non-brokered private placement of 10,000,000 special warrants at a price of CAD 1 per special warrant for the gross proceeds of CAD 10,000,000 on April 18, 2024. Each special warrant shall convert into one unit of the company at no additional cost upon the earlier of the company obtaining a receipt from the applicable securities commission(s) in Canada for the final prospectus qualifying the distribution of the units to be issued upon exercise or deemed exercise of the special warrants and the date that is four months and a day after date of issuance of the special warrants. Each unit comprises one Class A subordinate voting share of the company, and one-half of one Class A subordinate voting share purchase warrant. Each unit warrant shall be exercisable into one Class A subordinate voting share of the company at a price of CAD 1.50 per unit warrant share for a period of two years from the date of issue of the unit warrants.

On the same date, the company has issued 7,000,000 special warrants at a price of CAD 1 per warrant for gross proceeds of CAD 7,000 000 in its first tranche closing. Under the first tranche of the private placement, the company paid fees to eligible finders consisting of CAD 90,400 and 90,400 finder warrants. Each Finder Warrant will be exercisable into one unit at a price of CAD 1 per Finder Unit until the date that is two years from the date of issue of the Finder Warrants, which Finder Unit will comprise a Class A Subordinate Voting share of the company and one-half of one Class A Subordinate Voting share purchase warrant. Each Finder Unit Warrant shall be exercisable into one Class A Subordinate Voting share of the company at a price of CAD 1.50 per Finder Unit Warrant Share for a period of two years from the date of issue of the Finder Unit Warrants. A director and an officer of the company purchased an aggregate of 76,582 special warrants under the first tranche of the Private Placement.