Verses AI Inc. Announcing the Closing of a $20,000,000 Prospectus Supplement Offering

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISTRIBUTION IN THE UNITED STATES

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VANCOUVER, British Columbia, Jan. 09, 2025 (GLOBE NEWSWIRE) — Verses AI Inc. (CBOE: VERS) (“Vers” or the “Company”) is pleased to announce that the Company has closed its “best reasonable efforts previously announced” offering in the form of a prospectus supplement (the “Offering”). Pursuant to the Offering, the Company issued 12,738,853 Company units (“Units”) at a price of C$1.57 per Unit for gross proceeds of approximately C$20,000,000. Each Unit consists of one Class A Voting Share of the Company (“Share”) and one share of one Share purchase warrant (each Share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Share of the Company (“Authorized Share”) at an exercise price of C$1.96 per Warrant Share at any time until January 9, 2028, subject to the adjustment of certain events. The Offering was completed pursuant to an agency agreement dated January 9, 2025 between the Company and AGP Canada Investments ULC (“AGP Canada”).

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AGP Canada acted as lead agent for the Offering, AGP/Alliance Global Partners (AGP) acted as US Agent and Clear Street LLC (“Clear Street”) and TriView Capital Ltd. (“TriView”) acted as Financial Advisors in connection with the offering.

“We are very pleased to close a successful offering with our partners at AGP,” said Gabriel René, founder and CEO of VERSES. “This is an important step for the Company as our most important institutional-led offering.”

The net proceeds of the Offering are expected to be used primarily to strengthen the Company’s financial position and provide funds to finance ongoing activities, including, in particular, the Company’s incurred, and expected to be incurred, costs related to the Company’s research. and development purposes, as well as working capital and general business purposes.

In connection with the Offering, the Company paid AGP Canada a cash commission equal to 8 percent of the gross proceeds of the Offering and assigned to AGP Canada or those affiliates who sold that license number a compensation equal to 8 percent. of the number of units sold pursuant to the Offer (“Compensation Permits”). Each Compensation Warrant is exercisable in a Unit at an exercise price of C$1.57 per Unit until January 9, 2028. The capital commission and value of the Compensation Warrants has been reduced to 2.0% in respect of a portion of the net proceeds of the Offering. to subscribers identified by the Company.

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The offering was completed pursuant to a prospectus supplement dated January 7, 2025 (the “Supplement”) to the Company’s base shelf prospectus dated September 26, 2024 (the “Base Shelf Prospectus”). Copies of the Supplement and the Base Shelf Prospectus can be found on SEDAR+ at www.sedarplus.ca.

This press release will not constitute an offer to sell or the solicitation of an offer to buy and there will not be any sale of securities in any situation where such offer, solicitation or sale would be unlawful. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amendedand may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements The United States Securities Act of 1933, as amended, and applicable federal securities laws.

About
THE VERSIONS

VERSES is an intelligent computing company that creates next-generation intelligent software systems modeled after the wisdom and intelligence of Nature. Designed on first principles derived from science, physics and biology, our flagship product, Genius™, is a toolkit for developers to produce intelligent software agents that enhance existing applications with the ability to think, plan, and learn. Imagine a smart world that leverages human potential with technology inspired by Nature. Read more at THE VERSIONS, LinkedIn again X.

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