Verses Technologies (NEO: VERS) is cashed up and ready to execute upon its strategy. The firm this morning indicated that it has closed its final tranche of its previously announced financing, raising just shy of $15.0 million in the process.
The company has closed its third and final tranche of the financing, which saw gross proceeds of $4.2 million raised. The closing of the tranche follows the first tranche for $5.2 million closing just a day after the initial announcement, while the second tranche for a further $5.5 million closed a week later.
The financing saw a total of 14.96 million units of the company sold at a price of $1.00 per each. Each unit contained one subordinate share and one half of a subordinate share purchase warrant. Warrants contain an exercise price of $1.20 per each, and are valid through to August 15, 2025. They also contain an accelerated expiry, which is triggered if the firm trades above $2.40 per share on a volume weighted basis for a period of ten consecutive trading days.
READ: Verses Tech Becomes Newest Member Of Digital Twin Consortium
Proceeds from the financing are marked for general working capital purposes.
Verses Technologies last traded at $0.95 on the Neo.
FULL DISCLOSURE: VERSES Technologies is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover VERSES Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
