AI/ML Innovations plans $2M private placement on the CSE

AI/ML Innovations Inc. (CSE: AIML, OTCQB: AIMLF, FSE: 42FB) announced a proposed non-brokered private placement of up to 40,000,000 units at $0.05 per unit, seeking to raise gross proceeds of up to $2,000,000.

Each unit will consist of one common share and one common share purchase warrant. Each warrant will be 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 a period of five years.

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

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