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AI/ML Innovations Inc. Announces Closing of Final Tranche of Private Placement to Raise $1,917,500
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERI...
About this update from Aiml Innovations Inc
[{"type":"text","content":"AI/ML Innovations Inc. Announces Closing of Final Tranche of Private Placement to Raise $1,917,500NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA TORONTO, ON / ACCESS Newswire / May 11, 2026 / AI/ML Innovations Inc. (\"AIML\" or the \"Company\") (CSE:AIML)(OTCQB:AIMLF)(FSE:42FB) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the \"Offering\") pursuant to which the Company has issued convertible debentures (\"Debentures\") in the aggregate principal amount of $1,917,500. Together with the first tranche closing, the Company has issued Debentures in the aggregate principal amount of $2,867,500.The Debentures may be converted into units of the Company (\"Units\") at the option of the holder of the Debentures at any time at a conversion price of $0.05 per Unit, with each Unit being comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Subject to the anti-dilution provisions contained in the certificates governing the terms of the Warrants, each whole Warrant shall be exercisable to acquire one Common Share at a price of $0.15 for a period of 36 months from the date of issuance of the Warrants. The Debentures bear interest at a rate of 10% per annum that accrues and is payable on the earlier of maturity or conversion, with accrued/unpaid interest also being convertible into Units under the same terms. The Debentures mature on May 11, 2029. All securities issued and issuable pursuant to the first tranche of the Offering are subject to a statutory hold period expiring on September 12, 2026.The Offering remains subject to the final approval of the Canadian Securities Exchange.Insiders of the Company have purchased, directly or indirectly, Debentures in the aggregate principal amount of $340,000 pursuant to the Offering, as a result of which the Offering is a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61- 101\"). The Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to the exemptions contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 on the basis that the Company is listed on th...