AIML closes first tranche of private placement raising $950,000

AI/ML Innovations Inc. (CSE:AIML)(OTCQB: AIMLF)(FSE:42FB) closed the first tranche of its non-brokered private placement, issuing convertible debentures totaling $950,000 in principal amount.

The debentures can be converted into company units at $0.05 per unit at the holder's discretion. Each unit consists of one common share and one warrant exercisable at $0.15 per share for 36 months from issuance. The debentures carry a 10% annual interest rate and mature on March 27, 2029.

Company insiders purchased $550,000 of the debentures, making this a related party transaction under Multilateral Instrument 61-101. The company qualified for exemptions from formal valuation and minority shareholder approval requirements because neither the transaction's fair market value nor consideration exceeded 25% of the company's market capitalization.

All securities from the first tranche are subject to a statutory hold period ending July 28, 2026. The company plans to use proceeds for general working capital purposes.

The offering requires final approval from the Canadian Securities Exchange. AI/ML Innovations develops artificial intelligence and neural network technologies for digital health applications, converting biometric data into clinical insights.

The information is based on a company press release statement.

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