Business
AI/ML Innovations Inc. Announces Closing of Financing
VICTORIA, BC / ACCESSWIRE / August 19, 2024 / AI/ML Innovations Inc. ("AI/ML" or the "Company") ...
About this update from Aiml Innovations Inc
[{"type":"text","content":"AI/ML Innovations Inc. Announces Closing of FinancingVICTORIA, BC / ACCESSWIRE / August 19, 2024 / AI/ML Innovations Inc. (\"AI/ML\" or the \"Company\") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that that it has completed its previously announced non-brokered private placement (the \"Financing\") on August 19, 2024. The Company accepted subscriptions of 7,845,000 units at a price of $0.05 per unit, for gross proceeds of $392,250. The Company paid finders fees to qualified finders of $18,200 and issued 364,000 broker warrants, which are on the same terms as the warrants forming part of the Units.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 $0.10 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 for a period of at least 20 consecutive trading days.One insider subscribed for 2,000,000 Units of the Company, representing 23.96 % of the Units issued. As such participation was less than 25% of the market capitalization of the Company at the time, 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.Securities issued on this closing are subject to a statutory hold period until December 20, 2024.The Company intends to use net proceeds of the Private Placement for working capital requirements.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 [email protected] 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 pr...