AI/ML Innovations proposes $3 million convertible debenture offering

AI/ML Innovations Inc. (CSE:AIML)(OTCQB: AIMLF)(FSE:42FB) announced a proposed non-brokered private placement to issue convertible debentures with a principal amount of up to $3 million.

The debentures may be converted into company units at the holder's option at a conversion price of $0.05 per unit. Each unit comprises one common share and one warrant. The warrants are exercisable at $0.15 per share for 36 months from issuance.

The debentures will bear 10% annual interest, payable upon maturity or conversion. Accrued unpaid interest may also be converted into units under the same terms. The debentures mature three years from the issuance date.

The offering requires various closing conditions, including approval from the Canadian Securities Exchange. The company stated there is no assurance the proposed offering will be completed as proposed or at all.

AI/ML Innovations operates as a technology company focused on artificial intelligence and neural networks for digital health applications. The company's platforms use signal processing and deep learning to convert biometric data into clinical insights.

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