AI/ML Innovations Inc. Announces Settlement of Debt with Octagon Media Inc.

Rhea-AI Summary

AI/ML Innovations Inc. has announced a Shares for Debt Transaction agreement with Octagon Media Inc. The company will issue 1,131,134 Common Shares at a deemed price of $0.065 per share to settle a debt of USD $55,000 (CDN $73,523.72). The transaction is subject to the approval of the Canadian Securities Exchange and the Common Shares will be subject to a four-month hold period.

TORONTO, ON / ACCESSWIRE / January 12, 2024 / AI/ML Innovations Inc. (the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announced that it has entered into an agreement for payment of indebtedness in the aggregate total of USD $55,000 (CDN $73,523.72) with Octagon Media Inc. of Las Vegas, Nevada (the "Shares for Debt Transaction") through conversion of such debt into common shares of the Corporation (the "Common Shares"). Pursuant to the Shares for Debt Transaction, the Corporation will issue an aggregate of 1,131,134 Common Shares, at a deemed price of $0.065 per Common Share. The proposed Shares for Debt Transaction is subject to the approval of the Canadian Securities Exchange.

The Common Shares issued will be subject to a four-month hold period.

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 (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 12.44% currently owned 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

For more information about AI/ML Innovations:

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

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

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 debt amount being settled through the Shares for Debt Transaction for AI/ML Innovations Inc.?

The debt being settled is USD $55,000 (CDN $73,523.72).

How many Common Shares will AI/ML Innovations Inc. issue as part of the Shares for Debt Transaction?

The company will issue an aggregate of 1,131,134 Common Shares.

What is the deemed price per Common Share for AI/ML Innovations Inc. in the Shares for Debt Transaction?

The deemed price per Common Share is $0.065.

Who is the counterparty in the Shares for Debt Transaction for AI/ML Innovations Inc.?

The counterparty is Octagon Media Inc. of Las Vegas, Nevada.

What is the hold period for the Common Shares issued in the Shares for Debt Transaction for AI/ML Innovations Inc.?

The Common Shares will be subject to a four-month hold period.