AI/ML Innovations closes first tranche of private placement at $0.05

AI/ML Innovations Inc. (CSE: AIML) (OTCQB: AIMLF) (FSE: 42FB) has closed the first tranche of a non-brokered private placement, issuing 16,385,000 units at $0.05 per unit to raise gross proceeds of $819,250, according to a company statement.

Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable to acquire one additional common share at $0.15 for a period of 60 months from the date of issuance, subject to anti-dilution provisions.

In connection with the first tranche, the company issued 936,950 broker warrants to eligible finders. Each broker warrant entitles the holder to acquire one common share at an exercise price of $0.15 for a period of five years.

All securities issued in the first tranche are subject to a statutory hold period expiring December 27, 2026. The company is based in Toronto, Ontario.

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