AIML plans private placement to raise up to $1.55 million

AI/ML Innovations Inc. (CSE:AIML)(OTCQB: AIMLF)(FWB:42FB) announced plans for a non-brokered private placement offering of up to 31 million units at $0.05 per unit, according to a company statement.

Each unit consists of one common share and one warrant exercisable for five years at $0.15 per share. The securities will be subject to a four-month and one-day hold period under Canadian Securities Exchange policies and applicable securities legislation.

The Vancouver-based company intends to use net proceeds for working capital requirements. AIML will pay finder's fees to qualified participants who assist in selling the units, either in cash or securities as permitted by CSE policy.

The private placement requires certain approvals, including from the CSE. The company develops artificial intelligence and neural network technologies for digital health applications, converting biometric data into clinical insights.

AIML shares trade on the Canadian Securities Exchange, OTCQB Venture Market, and Frankfurt Stock Exchange.

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