AI/ML Innovations Inc. Announces Closing of Financing

Rhea-AI Summary

AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) has completed its non-brokered private placement on July 17, 2024. The company raised a total of $971,500 by issuing 19,430,000 units at $0.05 per unit. Each unit consists of one common share and one warrant, exercisable at $0.10 for three years. The final tranche raised $511,500 from 10,230,000 units. AI/ML paid $26,477.60 in finder's fees and issued 529,550 broker warrants. The securities are subject to a hold period until November 18, 2024. The company plans to use the net proceeds for working capital requirements.

Positive

• Successful completion of non-brokered private placement raising $971,500
• Issuance of 19,430,000 units at $0.05 per unit, providing additional capital
• Three-year warrants with potential for additional funding at $0.10 per share

Negative

• Potential dilution of existing shareholders due to issuance of new shares and warrants
• Payment of finder's fees and issuance of broker warrants, reducing net proceeds

VICTORIA, BC / ACCESSWIRE / July 17, 2024 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that that it has completed its previously announced non-brokered private placement (the "Financing") on July 17, 2024. The Company accepted subscriptions on this final tranche of 10,230,000 units at a price of $0.05 per unit, for gross procees of $511,500. The Company paid finders fees to a qualified finder of $26,477.60 and issued 529,550 broker warrants, which are on the same same terms as the warrants forming part of the Units.

Each Unit is comprised of one Common Share and one Warrant which will be exercisable into one (1) Common Share of the Company (each a "Warrant Share"). Each Warrant will have a term of three (3) years and will entitle the holder to purchase one (1) Warrant Share at a price of $0.10 per share following the closing date, subject to the Company's right to accelerate expiry upon 30 days' notice if the shares trade at $0.25 for a for a period of at least 30 consecutive trading days.

The Company raised a total of $971,500. A total of 19,430,000 Units and 946,550 broker warrants were issued pursuant to the Financing.

Securities issued on this closing are subject to a statutory hold period until November 18, 2024.

The Company intends to use net proceeds of the Private Placement for working capital requirements.

For more information about AI/ML Innovations:

For detailed information please see AI/ML's website or the Company's filed documents at www.sedar.com.

For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com.

About AI/ML Innovations Inc. https://aiml-innovations.com/

AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (70% owned by AIML), Tech2Heal (22% ownership commitment by AIML), AI Rx Inc. (70% owned by AIML) and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company's stakeholders. AI/ML's shares are traded on the Canadian Securities Exchange under the symbol "AIML", the OTCQB Venture Market under "AIMLF", and the Frankfurt Stock Exchange under "42FB".

On behalf of the Board of Directors
Tim Daniels, Executive Chairman

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE: AI/ML Innovations, Inc.

View the original press release on accesswire.com

FAQ

How much did AI/ML Innovations Inc. (AIMLF) raise in its recent private placement?

AI/ML Innovations Inc. (AIMLF) raised a total of $971,500 in its recent non-brokered private placement completed on July 17, 2024.

What is the exercise price and term of the warrants issued by AI/ML Innovations Inc. (AIMLF)?

The warrants issued by AI/ML Innovations Inc. (AIMLF) have an exercise price of $0.10 per share and a term of three years from the closing date of the private placement.

When will the securities issued in AI/ML Innovations Inc.'s (AIMLF) private placement be free-trading?

The securities issued in AI/ML Innovations Inc.'s (AIMLF) private placement will be free-trading after the statutory hold period ends on November 18, 2024.

How does AI/ML Innovations Inc. (AIMLF) plan to use the proceeds from the private placement?

AI/ML Innovations Inc. (AIMLF) intends to use the net proceeds from the private placement for working capital requirements.