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.
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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.