VERSES AI Inc. announced the conversion of Convertible Debentures held by Group 42 Holding Ltd (G42) into units of the Company. G42 invested $10 million in June 2024 through a private placement, which included unsecured convertible debentures and detachable share purchase warrants. Each Conversion Unit comprises one Class A Subordinate Voting Share and half a share purchase warrant, at a conversion price of C$1.20. The warrants are exercisable at C$1.96 per share for three years. VERSES specializes in creating intelligent software systems inspired by nature, with its flagship product, Genius, aimed at enhancing machine learning capabilities.
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VANCOUVER, B.C., March 04, 2025 (GLOBE NEWSWIRE) — VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) (“VERSES” or the “Company”), a cognitive computing company specializing in next-generation intelligent software systems, announces that the Convertible Debentures (as defined below) held by Group 42 Holding Ltd (“G42”), a leading UAE-based AI technology group, were converted in accordance with their terms into units of the Company (“Conversion Units”).
In June 2024, G42, through Expansion Project Technologies Holding 9 SPV RSC Ltd (EPTH), an indirect wholly-owned subsidiary of G42, invested US$10,000,000 via a private placement of unsecured convertible debenture units of VERSES (the “Original Units”). Each Original Unit consisted of: (i) C$1,000 in principal amount of unsecured convertible debentures (“Convertible Debentures”) which bear an interest rate of 10% per annum; and (ii) 500 detachable share purchase warrants (the “Original Warrants”) to purchase Class A Shares.
Each Conversion Unit is comprised of one Class A Subordinate Voting Share of VERSES (a “Class A Share”) and one-half of one share purchase warrant of VERSES (each whole warrant, a “Conversion Warrant”), at a conversion price of C$1.20 per Conversion Unit. Each Conversion Warrant is exercisable to purchase one Class A Share for three years from the date of issuance at a price of C$1.96 per share.
About VERSES
VERSES is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of Nature. Designed around first principles found in science, physics and biology, our flagship product, Genius, is a suite of tools for machine learning practitioners to model complex dynamic systems and generate autonomous intelligent agents that continuously reason, plan, and learn. Imagine a Smarter World that elevates human potential through technology inspired by Nature. Learn more at verses.ai, LinkedIn, and X.
On behalf of the Company
Gabriel René, Founder & CEO, VERSES AI Inc.
Press Inquiries: press@verses.ai
Investor Relations Inquiries
U.S., Matthew Selinger, Partner, Integrous Communications, mselinger@integcom.us 415-572-8152
Canada, Leo Karabelas, President, Focus Communications, info@fcir.ca 416-543-3120
