AI/ML Innovations Inc. Concludes Initial Phase of $950,000 Private Placement

AI/ML Innovations Inc. announced the closure of the first tranche of its private placement, raising $950,000 through convertible debentures. Convertible into company units at $0.05 each, these debentures carry a 10% annual interest rate and mature in 2029. Investors can exercise purchase warrants for common shares at $0.15 within 36 months. The funds will serve general working capital needs.

Insiders participated significantly, acquiring $550,000 worth of debentures. Consequently, the transaction is classified as "related party" under specific Canadian regulations, though exemptions apply due to the transaction’s proportionate size relative to the company’s market capitalization.