VERSES AI announces that the Convertible Debentures held by Group 42 Holding were converted in accordance with their terms into units of the Company. In June 2024, G42, through Expansion Project Technologies Holding 9 SPV RSC, an indirect wholly-owned subsidiary of G42, invested $10,000,000 via a private placement of unsecured convertible debenture units of VERSES. Each Original Unit consisted of: C$1,000 in principal amount of unsecured convertible debentures which bear an interest rate of 10% per annum; and 500 detachable share purchase warrants to purchase Class A Shares. Each Conversion Unit is comprised of one Class A Subordinate Voting Share of VERSES and one-half of one share purchase warrant of VERSES at a conversion price of C$1.20 per Conversion Unit. Each Conversion Warrant is exercisable to purchase one Class A Share for three years from the date of issuance at a price of C$1.96 per share.
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