AI/ML Innovations Completes Final Private Placement Closing

AI/ML Innovations Inc. has announced the completion of its non-brokered private placement of units, finalized on November 26, 2024. The company raised $1,592,539.98 by accepting subscriptions for 24,500,615 units at $0.065 per unit.

The firm paid $76,032.90 in finder's fees and issued 1,169,737 broker warrants. These securities will be under trading restrictions until March 27, 2025. Each unit includes one common share and one warrant. Warrants have a two-year term, allowing conversion into common shares at $0.15 each, with the company holding the right to accelerate expiry.

Total funds raised amounted to $2,872,289.94, with 44,189,076 units issued. The net proceeds will aid working capital requirements. Insider involvement accounted for 27.14% of the issued units.