VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) (“VERSES” or the “Company”), a cognitive computing company developing next-generation intelligent software systems announces that it has entered into a funding agreement with Group 42 Holding Ltd (“G42”), a leading UAE-based AI technology group (the “Strategic Investment”).
“G42 has become a global leader in the AI world with a commitment to champion the technology to drive innovation and progress for every industry and society worldwide. VERSES shares this mission and we are excited and honored to announce this strategic investment to support our shared goal of ensuring that AI becomes smarter, safer, and more sustainable.” said Gabriel René, founder and CEO of VERSES.
Pursuant to the Strategic Investment, G42 has invested US$10,000,000 via a private placement of unsecured convertible debenture units of VERSES (the “Units”). Each Unit will consist of: (i) C$1,000 in principal amount of unsecured convertible debentures (“Convertible Debentures”); and (ii) 500 detachable share purchase warrants (the “Warrants”) to purchase Class A Subordinate Voting Shares of Verses (“Class A Shares”). The Convertible Debentures shall bear interest at a rate of 10% per annum and mature on June 20, 2026 (the “Maturity Date”).
G42 acquired the Verses Securities for investment purposes only and not with a view to materially affecting control of Verses.
Depending upon market conditions and other factors, G42 may, from time to time, acquire or dispose of additional securities of Verses, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Verses.
