AI/ML Innovations Completes Oversubscribed Private Placement

AI/ML Innovations Inc. has announced the successful completion of its non-brokered private placement offering, surpassing initial projections. Initially targeting 40 million units at $0.05 each for a total of $2 million, the company accepted over 43 million subscriptions, raising a total of $2.165 million. Each unit comprises one common share and one warrant, with a five-year exercisable period at a $0.15 price per warrant.

The net proceeds will support general working capital. A statutory hold period on securities will end on August 16, 2025. Aggregate finder's fees paid totaled $101,815, with additional finder’s warrants issued. CEO Paul Duffy expressed gratitude towards investors, highlighting their confidence as a catalyst for advancing AI and machine learning initiatives in healthcare.

Insider participation included CEO Paul Duffy and President Peter Kendall, acquiring substantial units, rendering the placement a related party transaction. However, it exempts from obtaining formal valuation based on its market capitalization percentage.