AI/ML Innovations Inc. Completes Shares for Debt Arrangement
Rhea-AI Summary
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF) has completed a shares for debt transaction with one arm's length creditor. The company issued 302,891 shares at a deemed price of $0.08 per share to settle a debt of US$17,260 (CAD $24,231.31) for services rendered. The issued shares are subject to a four-month hold period.
Additionally, the company clarified that warrants issued in connection with a previous private placement from August 19, 2024, involving 7,845,000 units, have a three-year term instead of the initially announced two-year term. Warrant holders who received two-year warrants have been issued revised three-year replacement warrants.
AI-generated analysis. Not financial advice.
Positive
- None.
Negative
- Company issues shares to settle debt, indicating potential cash flow constraints
- Share issuance at $0.08 represents dilution for existing shareholders
News Market Reaction – AIMLF
On the day this news was published, AIMLF gained 17.69%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VICTORIA, BC / ACCESSWIRE / December 11, 2024 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a leading company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to report that it has completed its previously announced shares for debt transaction.
Further to a press release issued on December 3, 2024, the Company entered into a Debt Settlement and Security Agreement with one creditor (the "Creditor") for payment of indebtedness owing to the Creditor in the aggregate total of US
The Company also announces a confirmation of the term of warrants in connection with a previously closed private placement. On August 19, 2024 the Company closed a private placement of 7,845,000 units, each unit consisting of one share and one warrant. Through an oversight, it was announced that the term of the warrants was for two years. The warrants were for a three-year term and those warrant holders that received two-year warrants have now been sent revised replacement three-year warrants.
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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 Inc. (
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
The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: AI/ML Innovations, Inc.
View the original press release on accesswire.com