NOT FOR DISTRIBUTION TO US NEWSWIRE 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 “acquirer“) are distributing this press release in accordance with the requirements of National Instrument 62-103 in connection with the filing of early warning reports regarding the acquisition of securities from Verses Technologies Inc. (“VERSE” or the “company“).
On August 17, 2022, each of the acquirers purchased 25,000 units (“units“) of the Company for CAD$25,000 each in a private placement (the “private placement“) totaling 14,907,030 units at a price of $1.00 per unit for total proceeds of $14,907,030, completed in three tranches, with the last tranche closing on August 26, 2022.
Each Unit consisted of one Class A Subordinate Voting Share of VERSES (each a “Class A Share“) and one-half purchase warrant for Class A Shares (each whole warrant, a “warrantyEach warrant is exercisable into one Class A share at a price of $1.20 per share until August 15, 2025, subject to certain acceleration rights of the Company.
Immediately prior to the closing of the Private Placement, each purchaser owned and controlled 1 Class A share, representing <0.01% of the Company's issued and outstanding Class A shares on a basic basis, and 5,000,000 pro-rated voting Class B shares (the "Class B Sharesand 31,250,001 Class A Shares representing 30.37% of the issued and outstanding Class A Shares of the Company on a partially diluted basis assuming all Class B Shares are converted. Each Class Share B has 6.25 votes and is convertible into 6.25 Class A Shares.
Immediately upon the closing of the private placement, each acquirer owned and controlled an aggregate of 25,001 Class A shares, representing 0.05% of the Company’s issued and outstanding Class A shares on a basic…
