AI/ML Innovations Inc. Announces Initial Private Placement Closing

AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF) has completed the initial closing of its non-brokered private placement, raising $1,279,750 through the issuance of 19,688,461 Shares and Warrants.

Rhea-AI Summary

AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF) has completed the initial closing of its non-brokered private placement, raising $1,279,750 through the issuance of 19,688,461 Shares and Warrants. Each Unit consists of one Common Share and one Warrant, exercisable at $0.15 per share for two years. The company paid $44,070 in finder's fees and issued 504,000 broker warrants. Two company officers subscribed for 11.2% of the Units, while an insider controlling over 10% of shares subscribed for 35.5%. The proceeds will be used for working capital requirements.

Positive

• Raised $1,279,750 in fresh capital through private placement
• Strong insider participation with 46.7% of units subscribed by officers and major shareholder

Negative

• Potential dilution of existing shareholders through new share issuance
• Warrants could lead to additional future dilution if exercised

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VICTORIA, BC / ACCESSWIRE / November 1, 2024 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that that it has completed its initial closing of its previously announced (October 21, 2024) non-brokered private placement by the issue of 19,688,461 Shares and Warrants for gross proceeds of $1,279,750.

Finders fees of $44,070 and 504,000 broker warrants having the same terms as the subscriber warrants were issued. Securities issued at this closing shall have a statutory trading restrictions of 4 months and a day.

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 two (2) years and will entitle the holder to purchase one (1) Warrant Share at a price of $0.15 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 Company intends to use net proceeds of the Private Placement for working capital requirements.

2,288,461 Units were subscribed for by two officers of the Company or its subsidiaries, representing 11.2% of the Units issued on this closing. In addition, an insider by virtue of being deemed to control over 10% of the issued and outstanding shares of the Company subscribed for an additional 7,000,000 Units, representing 35.5% of the Units on this closing. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did AI/ML Innovations (AIMLF) raise in its November 2024 private placement?

AI/ML Innovations raised $1,279,750 through the issuance of 19,688,461 Shares and Warrants in the initial closing of its private placement.

What are the terms of AI/ML Innovations (AIMLF) warrants issued in November 2024?

The warrants have a two-year term and allow holders to purchase shares at $0.15 per share, with an acceleration clause if shares trade at $0.25 for 10 days.

What percentage of the November 2024 private placement was purchased by AI/ML Innovations (AIMLF) insiders?

Insiders purchased 46.7% of the units, with officers subscribing for 11.2% and a major shareholder taking 35.5% of the units.