AI/ML Innovations Inc. Closes Private Placement

Rhea-AI Summary

AI/ML Innovations Inc. (AIML) closed a non-brokered private placement financing of $754,599.94, issuing units at $0.06 per unit, each consisting of a common share and a common share warrant. The Warrants have a term of two years, entitling the holder to purchase one Warrant Share at $0.12 per share. The Common Shares and Warrants are subject to a hold period until April 16, 2024. The Company intends to use the proceeds for working capital requirements.

TORONTO, ON / ACCESSWIRE / December 18, 2023 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that it has closed its previously announced (December 7, 2023) arms-length non-brokered private placement financing of $754,599.94. The Company issued units at a price of $0.06 per unit, with each unit consisting of one common share and one common share warrant ("Warrant"). Each Warrant will have a term of two (2) years and will entitle the holder to purchase one (1) Warrant Share at a price of $0.12 per share following the closing date, subject to the Company's right to accelerate expiry upon 30 days' notice if the shares trade at $0.30 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 to April 16, 2024

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

The Company paid finders fees to qualified finders of $44,710 and issued 618,500 broker's warrants having the same terms as the Warrants.

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 recent announcement from AI/ML Innovations Inc. (AIML)?

AI/ML Innovations Inc. (AIML) closed a non-brokered private placement financing of $754,599.94.

At what price were the units issued in the private placement?

The units were issued at a price of $0.06 per unit.

What is the term of the Warrants issued in the private placement?

The Warrants have a term of two years.

What is the intended use of the net proceeds from the private placement?

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

What are the details of the finders fees paid by the Company?

The Company paid finders fees of $44,710 and issued 618,500 broker's warrants having the same terms as the Warrants.