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Financings

Verses AI closes $745,805 private placement

By The Northwire Desk — AI Analysis Mar 16, 2026 · 18:44 VERS · 1.30 Verses AI Inc
VERS · Price

Executive Summary

  • Verses AI Inc. has closed a non-brokered private placement offering, raising gross proceeds of $745,805 CAD and extinguishing $132,300 CAD in liabilities.
  • The company issued 1,170,807 units at a price of $0.75 CAD per unit, with net proceeds designated for research and development, working capital, and general corporate purposes.
  • The offering included insider participation by Chairman Michael Blum ($40,000 CAD) and the issuance of finder warrants to non-US purchasers, subject to a statutory hold period.

Key Details

  • Units Issued: 1,170,807 units.
  • Price: $0.75 CAD (approx. $0.55 USD) per unit.
  • Cash Proceeds: Gross cash proceeds of $745,805 CAD (approx. $547,644 USD) raised through the issuance of 994,407 units.
  • Liability Extinguishment: $132,300 CAD (approx. $97,148 USD) in liabilities extinguished through the issuance of 176,400 units.
  • Unit Composition: Each unit consists of one Class A subordinate voting share and one-half of one share purchase warrant.
  • Warrant Terms:
    • Exercise Price: $1.00 CAD (approx. $0.73 USD) per warrant share.
    • Expiration: 24 months from the date of issuance.
    • Adjustment: Subject to adjustment in certain events.
  • Use of Proceeds: Strengthen financial position, provide liquidity for continuing operations, fund R&D expenses, and cover working capital and general corporate purposes.
  • Finder Fees:
    • Aggregate cash fees paid: $16,160 CAD (approx. $11,866 USD).
    • Finder warrants issued: 75,546 warrants to finders outside the US.
    • Finder Warrant Terms: Exercisable to acquire one finder unit at $0.75 CAD for 24 months; each finder unit includes one share and one-half of one warrant exercisable at $1.00 CAD.
  • Insider Participation: Chairman Michael Blum subscribed for 53,333 units for aggregate gross proceeds of $40,000 CAD (approx. $29,372 USD). This is a related-party transaction exempt from formal valuation and minority shareholder approval under MI 61-101.
  • Hold Period: All securities subject to a statutory hold period of four months plus one day from issuance.
  • Trading Information: Shares trade on Cboe Canada (symbol: VERS) and OTCQB (symbol: VRSSF).
  • Exchange Rate: Reference rate as of March 12, 2026, was $1 CAD = $0.7343 USD.
Read the original news release →

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