AI/ML Innovations plans $1.5M non-brokered private placement

AI/ML Innovations Inc. (CSE: AIML) (OTCQB: AIMLF) (FWB: 42FB) announced a proposed non-brokered private placement of up to 30,000,000 units at $0.05 per unit, aiming to raise gross proceeds of up to $1,500,000.

Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable at $0.15 per share for 60 months from the date of issuance, subject to anti-dilution provisions.

The offering is subject to closing conditions, including approval from the Canadian Securities Exchange. The Toronto-based company may pay cash finders' fees and issue broker warrants equal to up to 7% of the aggregate units issued. Each broker warrant would entitle the holder to acquire one common share at $0.15 for five years.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.

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