AI/ML Innovations Inc. Announces Closing of Financing

Victoria, BC / ACCESSWIRE / August 19, 2024 — AI/ML Innovations Inc. (CSE: AIML, OTCQB: AIMLF, FWB: 42FB) has completed its previously announced non-brokered private placement on August 19, 2024. The company raised $392,250 through the subscription of 7,845,000 units at $0.05 per unit.

Each unit consists of one common share and one warrant. Each warrant, valid for two years, entitles the holder to purchase a common share at $0.10. The company can accelerate the expiry of these warrants with a 30-day notice if shares trade at $0.25 for 20 consecutive days.

An insider subscribed for 2,000,000 units, representing 23.96% of the total issued. This is below the 25% threshold requiring additional regulatory obligations. The net proceeds of the placement will be used to support working capital needs.