NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
LOS ANGELES, Oct. 04, 2022 (GLOBE NEWSWIRE) — Gabriel René of Los Angeles, California and Dan Mapes of Marina del Ray, California (collectively, the “Acquirors”) are disseminating this press launch as required by National Instrument 62-103 in reference to the submitting of Early Warning Reports relating to the acquisition of securities of Verses Technologies Inc. (“VERSES” or the “Company”).
On August 17, 2022, every of the Acquirors every acquired 25,000 items (“Units”) of the Company for consideration of CAD$25,000 every, pursuant to a non-public placement (the “Private Placement”) of an combination of 14,907,030 Units at a worth of $1.00 per Unit for combination proceeds of $14,907,030, which accomplished in three tranches, with the ultimate tranche closing on August 26, 2022.
Each Unit was comprised of one Class A subordinate voting share of VERSES (every a “Class A Share”) and one-half of a Class A Share buy warrant (every complete warrant, a “Warrant“). Each Warrant is exercisable into one Class A Share at a worth of $1.20 per share till August 15, 2025, topic to sure acceleration rights of the Company.
Immediately earlier than the completion of the Private Placement, every Acquiror beneficially owned and managed 1 Class A Share, representing <0.01% of the Company’s issued and excellent Class A Shares on a non-diluted foundation and 5,000,000 Class B proportionate voting shares (the “Class B Shares”); and 31,250,001 Class A Shares representing 30.37% of the Company’s issued and excellent Class A Shares on {a partially} diluted foundation, assuming the conversion of all Class B shares. Each Class B Share carries 6.25 votes and is convertible into 6.25 Class A Shares.
Immediately after the completion of the Private Placement, every Acquiror beneficially owned and managed a complete of 25,001 Class A Shares, representing 0.05% of the Company’s issued and excellent Class A Shares on a non-diluted foundation, and 5,000,000 Class B Shares and 12,500 Warrants; and 31,287,501 Class A Shares representing 26.54% of the Company’s issued and excellent Class A Shares on a partially-diluted foundation assuming the train of his Warrants and all of the excellent Class B Shares.
The securities described on this press launch had been acquired for funding functions. Each Acquiror might, relying on market and different situations, improve or lower their useful possession of or management or course over the Company’s securities, whether or not within the open market, by privately negotiated agreements or in any other case, topic to a quantity of elements, together with normal market situations and different obtainable funding and business alternatives.
Copies of the Early Warning Reports to be filed by the Acquirors in reference to the Private Placement described above will likely be obtainable on the SEDAR profile of the Company at www.sedar.com. This press launch is issued beneath the early warning provisions beneath the Canadian securities laws.
Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
[email protected]
416-543-3120
