AI/ML Innovations Inc. Announces Closing of First Tranche of Private Placement to Raise $950,000

Executive Summary

• AI/ML Innovations Inc. closed the first tranche of its non‑brokered private placement, issuing convertible debentures totaling $950,000 in principal amount.
• The debentures are convertible at $0.05 per unit (one common share plus one warrant) and bear interest at 10% per annum, maturing on March 27, 2029.
• Insiders purchased $550,000 of the debentures; proceeds will be used for general working capital.

Key Details

• Offering Structure: Convertible debentures ($950,000 total) convertible into units (1 common share + 1 warrant).
• Conversion Price: $0.05 per unit.
• Warrant Terms: Each warrant exercisable at $0.15 per common share for 36 months from issuance; anti‑dilution provisions apply.
• Interest Rate: 10% per annum, accruing and payable at maturity or conversion; accrued interest also convertible into units.
• Maturity Date: March 27, 2029.
• Statutory Hold Period: Securities subject to hold until July 28, 2026.
• Use of Proceeds: General working capital purposes.
• Insider Participation: Insiders purchased $550,000 of debentures, qualifying the transaction as a “related party transaction” under MI 61‑101; company exempt from valuation and minority approval requirements.
• Regulatory Condition: Offering remains subject to final approval by the Canadian Securities Exchange.

Notable Quotes

(No direct quotes were provided in the release.)