With the artificial intelligence market expected to top $1 trillion in just a few years, some of the top companies set to benefit include VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF), Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), Meta (NASDAQ: META), and Advanced Micro Devices (NASDAQ: AMD). In fact, according to Statista, the AI market could balloon to $1.8 trillion by 2030. All as it changes just about everything from drug discovery and education, to finances, and cyber threats.
Even more exciting, companies like VERSES AI are racing toward Artificial General Intelligence (AGI), where AI can perform all human cognitive skills better than the smartest human, as noted by Forbes. In fact, as also noted by TechTarget.com, “AGI should theoretically be able to perform any task that a human can and exhibit a range of intelligence in different areas without human intervention. Its performance should be as good as or better than humans at solving problems in most areas.”
Here’s More on VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF)
VERSES AI Inc., announced a non-brokered private placement of special warrants for gross proceeds of up to C$10,000,000 through the sale of 10,000,000 Units at a price of C$1.00 per Special Warrant. The Company is further pleased to announce that it has closed the first tranche of the Private Placement, which consisted of 7,000,000 Units for gross proceeds of C$7,000,000.
Each Special Warrant shall convert into one Unit of the Company at no additional cost upon the earlier of: (i) the Company obtaining a receipt from the applicable securities commission(s) in Canada for the final prospectus qualifying the distribution of the Units to be issued upon exercise or deemed exercise of the Special Warrants; and (ii) the date that is four months and a day after date of issuance of the Special Warrants.
Each Unit is comprised of one Class A Subordinate Voting share of the Company, and one-half of one Class A Subordinate Voting share purchase warrant. Each Unit Warrant shall be exercisable into one Class A Subordinate Voting share of the Company at a price of C$1.50 per Unit Warrant Share for a period of two (2) years from the date of issue of the Unit Warrants.
The proceeds received from the Private Placement are to be used for general corporate and working capital purposes, for the continued development of GeniusTM and the release of the Genius beta program, and the repayment of outstanding loans. In particular, US$2,000,000 of the proceeds received will be used to repay the outstanding principal amount of loans accepted by VERSES Technologies, USA Inc., a wholly owned subsidiary of the Company, from two arms’-length investors, as further described in the Company’s news release dated March 18, 2024. All securities issued pursuant to the Private Placement will be subject to a four-month hold period from the date of issue.
Under the first tranche of the Private Placement, the Company paid fees to eligible finders consisting of: (i) C$90,400; and (ii) 90,400 finder warrants. Each Finder Warrant will be exercisable into one unit at a price of C$1.00 per Finder Unit until the date that is two (2) years from the date of issue of the Finder Warrants, which Finder Unit will be comprised of a Class A Subordinate Voting share of the Company and one-half of one Class A Subordinate Voting share purchase warrant. Each Finder Unit Warrant shall be exercisable into one Class A Subordinate Voting share of the Company at a price of C$1.50 per Finder Unit Warrant Share for a period of two (2) years from the date of issue of the Finder Unit Warrants.
A director and an officer of the Company purchased an aggregate of 76,582 Special Warrants under the first tranche of the Private Placement and such participation is considered to be a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of 61-101 in respect of such insider participation as neither the fair market value of the securities issued to the related parties nor the consideration for such securities exceeded 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the first tranche of the Private Placement, as the details and amounts of the insider participation were not finalized until closer to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.
The Special Warrants were offered to investors in both Canadian dollar and United States dollar denominations and as such, the aggregate proceeds from the first tranche of the Private Placement were determined in part by using an exchange rate of USD$1.00:C$1.3699.
Other related developments from around the markets include:
Nvidia announced that leading AI application developers across a wide range of industries are using NVIDIA digital human technologies to create lifelike avatars for commercial applications and dynamic game characters. The results are on display at GTC, the global AI conference held this week in San Jose, Calif., and can be seen in technology demonstrations from Hippocratic AI, Inworld AI, UneeQ and more. NVIDIA Avatar Cloud Engine (ACE) for speech and animation, NVIDIA NeMo for language, and NVIDIA RTX for ray-traced rendering are the building blocks that enable developers to create digital humans capable of AI-powered natural language interactions, making conversations more realistic and engaging.
Microsoft and Cloud Software Group Inc. announced they are deepening their collaboration through an eight-year strategic partnership agreement. The collaboration will strengthen the go-to-market collaboration for the Citrix® virtual application and desktop platform and support the development of new cloud and AI solutions with an integrated product roadmap. Additionally, Cloud Software Group will make a $1.65 billion commitment to the Microsoft cloud and its generative AI capabilities. The agreement will invigorate one of the industry’s most durable alliances between Citrix, a business unit of Cloud Software Group, and Microsoft. Under the partnership, Citrix is the preferred Microsoft Global Azure Partner solution for Enterprise Desktop as a Service when collaborating with joint Azure customers. The companies will jointly support customer success, offer tailored solutions, expert guidance, and support to accelerate customers’ cloud journeys. Additionally, Citrix will leverage Microsoft Azure as its preferred cloud solution, providing Citrix customers with the comprehensive benefits of the Citrix platform, complemented by Azure Virtual Desktop and Windows 365. Further, the collaboration will create deeper paths to modern procurement options through Azure Marketplace, where customers can easily evaluate, expand, or renew Citrix solutions.
Meta Platforms announced that the company’s first quarter 2024 financial results will be released after market close on Wednesday, April 24, 2024. Meta will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day. The live webcast of the call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the company’s earnings press release, financial tables, and slide presentation.
Advanced Micro Devices announced the expansion of the AMD Versal adaptive system on chip (SoC) portfolio with the new Versal AI Edge Series Gen 2 and Versal Prime Series Gen 2 adaptive SoCs, which bring preprocessing, AI inference, and postprocessing together in a single device for end-to-end acceleration of AI-driven embedded systems. These initial devices in the Versal Series Gen 2 portfolio build on the first generation with powerful new AI Engines expected to deliver up to 3x higher TOPs-per-watt than first generation Versal AI Edge Series devices, while new high-performance integrated Arm CPUs are expected to offer up to 10x more scalar compute than first gen Versal AI Edge and Prime series devices.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for VERSES AI Inc. by VERSES AI Inc. We own ZERO shares of VERSES AI Inc. Please click here for disclaimer.
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