NetraMark closes first tranche of private placement for $3.1 million

NetraMark Holdings Inc. (CSE: AIAI) (OTCQB: AINMF) (Frankfurt: PF0) completed the first tranche of its non-brokered private placement, raising gross proceeds of $3.11 million.

The company issued 3.11 million units at $1.00 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase additional common shares at $1.35 per share for two years from the closing date.

Following the first tranche closing, NetraMark has 91,778,520 common shares outstanding. The securities are subject to a hold period expiring May 28, 2026.

Company insiders participated in the offering, purchasing 2.06 million units, constituting a related party transaction under securities regulations. NetraMark received exemptions from formal valuation requirements and minority shareholder approval as the transaction value remained below regulatory thresholds.

The company has received commitments for the second and final tranche of the private placement, expected to close for additional gross proceeds of $390,000. NetraMark plans to use net proceeds for working capital and general corporate purposes.

NetraMark develops artificial intelligence solutions for the pharmaceutical industry, focusing on clinical trial analytics. The company's NetraAI technology analyzes patient datasets to identify explainable and unexplainable subsets, aiming to improve clinical trial success rates by avoiding model overfitting.

The information is based on a company press release statement.

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