VICTORIA, British Columbia / ACCESSWIRE / November 26, 2024 / AI/ML Innovations Inc. (“AI/ML” or the “Company”) (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that it has completed its private placement without an announced broker previously. of units (the “Units”) on November 26, 2024 (the “Financing”). The Company accepted subscriptions for this last tranche of 24,500,615 Units at a price of $0.065 per Unit, for gross proceeds of $1,592,539.98.
The Company paid a finder’s fee of $76,032.90 and 1,169,737 broker warrants having the same terms as the underwriter warrants were issued in connection with the closing of the final tranche. The securities issued during this closing will benefit from a legal trading restriction of 4 months and one day until March 27, 2025.
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 $0.30 for a 10-day period.
The Society raised a total of $2,872,289.94. A total of 44,189,076 units and 1,673,737 broker warrants were issued as part of the financing. The Company has received exchange approval to increase the proposed non-brokered private placement from the previously announced 40,000,000 units to 44,189,076 units.
The Company intends to use the net proceeds from the private placement to meet its working capital needs.
Three insiders subscribed for 6,650,000, representing 27.14% of the shares issued at this closing. The stake then represented less than 25% of the Company’s market capitalization. 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.
On behalf of the board of directors
Tim Daniels, Executive Chairman, (778) 405-0882
For more information on AI/ML innovations:
For detailed information, please see AI/ML’s website or company filings at www.sedarplus.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 trade on the Canadian Securities Exchange under the symbol “AIML”, on the OTCQB Venture Market under “AIMLF” and on the Frankfurt Stock Exchange under “42FB”.
Disclaimer Regarding Forward-Looking Statements
Certain statements contained in this release may constitute “forward-looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in Canadian law. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimate”, “anticipate” and similar expressions and statements relating to questions which are not historical. Facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the Company’s activities, financing and certain changes within the company. The forward-looking information contained in this release is made as of the date hereof and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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 IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE 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.
