AI/ML Innovations Inc. Completes Private Placement Raising $1.9 Million

AI/ML Innovations Inc. (AIML) has successfully closed the final tranche of its non-brokered private placement, securing $1,917,500. This completes a total of $2,867,500 in convertible debentures issued. Debentures are convertible into units comprising one common share and one warrant, exercisable at $0.15 for 36 months. The debentures carry a 10% annual interest, payable at maturity or conversion, which is set for May 11, 2029.

Insiders participated in the offering, categorizing it as a "related party transaction" under MI 61-101, with exemptions due to the company's market capitalization. The Canadian Securities Exchange's final approval is pending.

The securities involved are not registered under U.S. laws and are restricted from being offered in the U.S. without registration or exemption.