VERSES AI Inc. announced a private placement and it will issue special warrants for a gross proceeds of up to CAD 3,000,000 on June 26, 2023. Each special warrant shall be exercisable for one equity unit of the company at no additional cost. The special warrants including the issue price of each unit and special warrant, the exercise price of each warrant and the price per share required to accelerate the expiry date of the warrants will be determined in the context of the market at the time of pricing.

The closing of the private placement will be subject to market and other customary conditions, including requirements of the Exchange. The equity units will be subject to a statutory hold period of four months in accordance with applicable Canadian securities laws. The private placement is anticipated to close on or about July 4, 2023 or such other date as may be agreed upon by the Company and completion of the transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange.