AI/ML Innovations closes final tranche of private placement for $1.92M

AI/ML Innovations Inc. (CSE: AIML) completed the second and final tranche of its non-brokered private placement, raising $1,917,500 through convertible debentures. Combined with the first tranche, the company has issued debentures totaling $2,867,500.

The debentures can be converted into units at $0.05 per unit at the holder's option. Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.15 each for 36 months from issuance.

The debentures carry a 10% annual interest rate and mature on May 11, 2029. Accrued interest can also be converted into units under the same terms. Securities from the first tranche are subject to a statutory hold period ending September 12, 2026.

Company insiders purchased $340,000 worth of debentures in the offering, making it a related party transaction under Multilateral Instrument 61-101. The company is exempt from formal valuation and minority shareholder approval requirements because the transaction value did not exceed 25% of its market capitalization.

The offering remains subject to final approval from the Canadian Securities Exchange.

AI/ML Innovations develops artificial intelligence and neural network technologies for digital health applications. The company's shares also trade on the OTCQB Venture Market (AIMLF) and Frankfurt Stock Exchange (42FB).

You May Also Be Interested In

• AI/ML Innovations plans $2M private placement on the CSE
• Air T reports revenue jump but widens operating loss in Q1 fiscal 2027
• Software M&A heats up: Which SaaS stocks could be next for private equity?