Verses Technologies Closes First Tranche Of $5.2 Million A Day After Announcing Financing

Verses Technologies (NEO: VERS) has closed the first tranche of its private placement, which was announced just yesterday. Under the first tranche the company managed to raise $5.2 million, which represents more than half of the total $10.0 million intended to be raised by the company.

Under the terms of the financing, Verses is looking to raise $10.0 million via the sale of units priced at $1.00 per each. Each unit under the offering consists of one Class A subordinate share, along with one half of a Class A subordinate share purchase warrant.

Each warrant, priced at $1.20 per share, is valid until August 15, 2025, and also contains an acceleration clause. That clause enables the company to force the acceleration of the expiry date of the warrant in the event the equity trades above $2.40 on a volume weighted basis for a period of ten consecutive trading days.

Proceeds from the financing are to be used for working capital purposes.

A timeline for closing the remainder of the financing was not provided, with the firm instead stating it wishes to close the financing “as soon as practicable.”

Verses Technologies last traded at $0.98 on the Neo.


FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive, is currently long the equity of Verses Technologies. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Verses Tech Launches Research Facility For Sensor Fusion

Verses Technologies (NEO: VERS) is placing a major emphasis on further research and development. The...

Wednesday, September 21, 2022, 08:53:57 AM

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...

Thursday, August 18, 2022, 09:06:12 AM

The Spatial Web & Putting AI To Work — With Gabriel René

Joining us on the Daily Dive today is Gabriel René, founder & CEO of Verses...

Monday, November 28, 2022, 01:30:00 PM

Verses Tech: Is The Spatial Web The Next Technology Frontier?

Verses Technologies Inc. (NEO: VERS) is an innovative technology company, one that is developing next...

Tuesday, October 18, 2022, 03:50:00 PM

Verses Tech Successfully Demonstrates Autonomous Drone Crowd Monitoring Tech

Verses Technologies (NEO: VERS) is stepping out of the supply chain vertical and into the...

Thursday, October 20, 2022, 10:11:12 AM