Vancouver, BC, – November 25, 2022 – (GLOBE NEWSWIRE) – VERSES Technologies Inc. (NEO:VERS) ("VERSES'' or the "Company”), a cognitive computing platform provider specializing in the next generation of artificial intelligence solutions, announces its plan to amend certain terms of an aggregate of 18,100,714 Class A subordinate voting share purchase warrants (“Class A Warrants”) consisting of: (i) 6,591,631 Class A warrants issued on February 22, 2022 (the “February Warrants”); (ii) 3,909,906 Class A Warrants issued on March 3, 2022 (the “March Warrants” and together with the February Warrants, the “Old Warrants”); and (iii) an aggregate of 7,599,177 Class A Warrants issued on August 10, August 17 and August 26, 2022 (the “August Warrants”) as further described in the Company’s news release dated August 29, 2022. Each Old Warrant and August Warrant entitles the holder to purchase one Class A subordinate voting share of the Company (“Class A Share”) at a price of $1.20 per Class A Share.
The Company wishes to make the following amendments to the Class A Warrants (collectively, the “Warrant Amendments”):
The Warrant Amendments require shareholder approval in accordance with policy 10.09(2) of the NEO’s listing manual. Pursuant to the exemption in 10.09(2) the Company expects to obtain written consents from over 50%: (i) of the disinterested shareholders of the Company for Amendment One, Amendment Two and Amendment Five; and (ii) of the applicable warrant holders for Amendment Three, Amendment Four and Amendment Six.
The completion of the Warrant Amendments remains subject to receipt of the aforementioned disinterested shareholder and warrant holder approval as well as the acceptance of the NEO.
About VERSES
VERSES is a next-generation AI company providing foundational technology for the cognitive computing era. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES’ flagship offering, KOSM™, is an AI Operating System for enhancing any application with adaptive intelligence. Built on open standards, KOSM transforms disparate data into a universal context that fosters trustworthy collaboration between humans, machines, and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn, and Twitter.
On Behalf of the Company
Gabriel René
VERSES Technologies Inc.
Co-Founder & CEO
press@verses.io
Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
info@fcir.ca
416-543-3120