AI/ML Innovations Inc. Announces First Closing of Financing

Rhea-AI Summary

AI/ML Innovations has completed the first closing of its non-brokered private placement, raising $460,000 out of a potential $850,000. The company issued 9.2 million units at $0.05 per unit. Each unit includes one common share and one warrant, exercisable at $0.10 per share within three years. If shares trade at $0.25 for ten days, the company can accelerate the warrant expiry with 30 days' notice. A statutory hold period applies until November 2, 2024. Finder's fees totaled $29,850, with 417,000 broker warrants issued. The funds will support working capital.

Positive

• Raised $460,000 in the first closing of the non-brokered private placement.
• Issued 9.2 million units at $0.05 per unit.
• Each unit includes one common share and one warrant exercisable at $0.10 per share within three years, offering potential future capital.
• Ability to accelerate warrant expiry if shares trade at $0.25 for ten days, which can motivate early exercise.

Negative

• Payment of $29,850 in finder's fees.
• Issuance of 417,000 broker warrants, potentially diluting future share value.

AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE - AIML; OTCQB - AIMLF; FWB - 42FB) is pleased to announce that that it has completed a first closing of its previously announced non-brokered private placement offering of up to $850,000. The Company accepted subscriptions for 9,200,000 units at a price of $0.05 per Unit for gross proceeds of $460,000. 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 10 day period. Securities issued on this closing are subject to a statutory hold period until November 2, 2024.

The Company paid finders fees on this first tranche to qualified finders of $29,850 and issued 417,000 broker warrants, which are on the same terms as the warrants forming part of the Units.

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

What is the amount raised by AI/ML Innovations in the first closing of the private placement?

AI/ML Innovations raised $460,000 in the first closing of its non-brokered private placement.

How many units were issued by AI/ML Innovations in the private placement?

AI/ML Innovations issued 9.2 million units at a price of $0.05 per unit.

What does each unit in AI/ML Innovations' private placement include?

Each unit includes one common share and one warrant, exercisable into one common share at $0.10 per share within three years.

What are the terms for the warrants issued by AI/ML Innovations?

The warrants are exercisable at $0.10 per share within three years and can be accelerated if shares trade at $0.25 for ten days.

What are the proceeds from AI/ML Innovations' private placement intended for?

The proceeds are intended for working capital requirements.