AI/ML Innovations Inc. Announces Proposed Private Placement

Rhea-AI Summary

AI/ML Innovations announced a non-brokered private placement offering up to 16,500,000 units at $0.05 per unit to raise up to $850,000. Each unit includes one common share and one warrant. Warrants are exercisable into common shares at $0.10 per share within three years, with a potential acceleration clause. The funds are intended for working capital. The placement is subject to Canadian Securities Exchange approval and includes a finder's fee. AI/ML Innovations focuses on AI and ML in digital health, holding significant stakes in Health Gauge, Tech2Heal, and AI Rx Inc.

Positive

• Potential to raise up to $850,000 for working capital.
• Each unit includes shares and warrants, potentially increasing shareholder value.
• Accelerated warrant expiration if shares trade at $0.25 for 10 days.

Negative

• Private placement may dilute existing shares.
• Units subject to a four-month hold period, limiting immediate liquidity.

VICTORIA, BC / ACCESSWIRE / June 21, 2024 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that that it intends to complete a non-brokered private placement offering of up to 16,500,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $850,000 (the "Private Placement"). 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.

The Common Shares and Warrants comprising the Units will be subject to a four-month and one day hold period in accordance with the policies of the CSE and applicable securities legislation.

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

The Company will pay a finder's fee to qualified finders who assist in selling the Units, in cash or securities or a combination of both, as permitted by CSE policy and applicable securities laws.

The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval from the Canadian Securities Exchange.

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 proposed private placement by AI/ML Innovations?

AI/ML Innovations plans a non-brokered private placement of up to 16,500,000 units at $0.05 per unit to raise up to $850,000.

What is included in each unit of AI/ML Innovations' private placement?

Each unit comprises one common share and one warrant, with warrants exercisable at $0.10 per share within three years.

When can the warrants from AI/ML Innovations' private placement be exercised?

Warrants can be exercised at $0.10 per share within three years after the private placement closes.

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

The proceeds are intended for working capital requirements.

What are the conditions for the private placement by AI/ML Innovations?

The private placement is subject to Canadian Securities Exchange approval and includes a finder's fee.