Verses Closes On A Further $5.5 Million, Expands Financing Due To Demand
Verses Technology (NEO: VERS) has now closed the second tranche of its financing, while at the same time upsizing the deal to enable further funds to come in the door. The closing follows a $5.2 million tranche that closed just a day after the financing was initially announced.
The second tranche saw a total of $5.5 million raised via the sale of 5,497,000 units at a price of $1.00 per each. Each unit contains one subordinate voting share and one half of a share purchase warrant.
Each warrant is valid through to August 15, 2025, and contains an exercise price of $1.20 per each. The warrants also have an acceleration clause, which can be triggered by the company in the event that the volume weighted average price of the equity exceeds $2.40 for a period of ten consecutive sessions.
Proceeds from the financing are to be used for general working capital purposes.
Given the demand for the financing, the raise has also been expanded from $10.0 million to that of $12.5 million. The remainder of the financing is expected to be closed in the coming days.
The financing follows the company announcing that it has become the latest member of the Digital Twin Consortium, which places it amongst major names such as Microsoft, Google, and HSBC.
Verses Technologies last traded at $0.97 on the Neo.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
