TORONTO, ON / ACCESSWIRE / March 14, 2023 /AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML); (OTCQB:AIMLF); (FWB:42FB) is pleased to announce that it has closed a non-brokered private placement. The Company accepted subscriptions for 5,086,498 units at a price of $0.06 per unit, for gross proceeds of $305,190.04. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.10 for a period of two years from the date of closing, subject to the right of the Company to accelerate the expiry date upon 30 days notice if the shares of the Company trade on the CSE at or above $0.20 for a period of 10 days.
Securities issued on this financing are subject to a statutory hold period until July 15, 2023.
An insider of the Company subscribed for an aggregate of 420,000 common share units of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
The Corporation intends to use the net proceeds for general working capital.
For more information, please contact:
Blake Fallis (778) 405-0882 or [email protected]
For detailed information please see the Company's website at https://aiml-innovations.com/ or the
Company's filed documents at www.sedar.com.
About AI/ML Innovations Inc.
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (70% owned by AIML), Tech2Heal (up to 22% ownership rights, with 9.44% currently owned), AI Rx Inc. (70% owned by AIML) and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company's stakeholders. The Company's shares are traded on the Canadian Securities Exchange under the symbol "AIML", the OTCQB Venture Market under "AIMLF", and the Frankfurt Stock Exchange under "42FB".
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the timing of the filing of the Required Documents. All statements other than statements of historical fact contained in this news release are forward looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and AI/ML assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by AI/ML with the securities regulatory authorities, available at www.sedar.com.
SOURCE: AI/ML Innovations Inc.