On July 17, 2024. AI/ML Innovations Inc. closed the transaction. The company announced that it has issued 10,230,000 units at a price of CAD 0.05 per unit, for gross proceeds of CAD 511,500 in second and final tranche. The Company paid finders fees to a qualified finder of CAD 26,477.60 and issued 529,550 broker warrants, which are on the same same terms as the warrants forming part of the Units. Each Unit is comprised of one Common Share and one Warrant which will be exercisable into one Common Share. Each Warrant will have a term of three years and will entitle the holder to purchase one Warrant Share at a price of CAD 0.10 per share following the closing date, subject to the Company?s right to accelerate expiry upon 30 days? notice if the shares trade at CAD 0.25 for a for a period of at least 30 consecutive trading days. The Company raised a total of CAD 971,500. A total of 19,430,000 Units and 946,550 broker warrants were issued pursuant to the Financing.
Securities issued on this closing are subject to a statutory hold period until November 18, 2024