VICTORIA, British Columbia / ACCESSWIRE / November 1, 2024 / AI/ML Innovations Inc. (“AI/ML” or the “Company”) (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that it has completed the initial closing of its previously announced project (October 21, 2024) private placement without intermediary through the issuance of 19,688,461 shares and warrants for gross proceeds of $1,279,750.
Finder’s fees of $44,070 and 504,000 broker warrants having the same conditions as the underwriter warrants were issued. The securities issued at this closing will be subject to a legal trading restriction of 4 months and one day.
Each Unit consists of one common share and one warrant exercisable for 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) share of warrant at a price of $0.15 per share after the closing date, subject to the right of the Company to expire early upon 30 days’ notice. if shares trade at $0.25 for a 10-day period.
The Company intends to use the net proceeds from the private placement to meet its working capital needs.
2,288,461 Units were subscribed by two managers of the Company or its subsidiaries, representing 11.2% of the Units issued at this closing. Additionally, an insider, by reason of being deemed to control more than 10% of the issued and outstanding shares of the Company, subscribed for an additional 7,000,000 units, representing 35.5% of the units at this closing. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Regulation 61-101 contained in sections 5.5(a) and 5.7(a) of Regulation 61-101 with respect to this insider participation.
For more information on AI/ML innovations:
For detailed information, please see AI/ML’s website or company filings at www.sedar.com.
For more information, contact: Blake Fallis at (778) 405-0882 or (email protected).
About AI/ML Innovations Inc. https://aiml-innovations.com/
AI/ML Innovations Inc. has realigned its business operations to capitalize on the growing areas of artificial intelligence (AI) and machine learning (ML), with an initial investment focused on emerging healthcare and healthcare companies. digital well-being that leverage AI, ML and 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. , for the benefit of all the Company’s stakeholders. AI/ML’s shares are traded on the Canadian Securities Exchange under the symbol “AIML”, on the OTCQB Venture Market under “AIMLF” and on 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, AND THERE SHALL BE NO OFFER, SALE OR SOLICITATION OF ANY SECURITIES IN ANY STATE OF THE UNITED STATES WHERE SUCH OFFER, SALE, OR SOLICITATION IS ILLEGAL.
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.
