AI/ML Innovations Inc. announced a non-brokered private placement of 14,016,000 units at an issue price of CAD 0.075 per unit for the gross proceeds of CAD 1,051,200 on June 6, 2023. Each unit consists of one common share and one common share purchase warrant. Each Warrant will have a term of five years and will entitle the holder to purchase one warrant share at a price of CAD 0.1 for the first year from the date of closing, CAD 0.2 for the second year, CAD 0.3 for the third year, CAD 0.4 for the fourth year, and CAD 0.5 for the fifth year following the closing date.

On same date, the company has received 4,016,000 units at an issue price of CAD 0.075 per unit for the gross proceeds of CAD 301,200 in its first tranche. The company paid finders fees in relation to the first tranche to a qualified finder of CAD 3,750 and issued 67,500 broker warrants, which are on the same terms as the warrants forming part of the units. The securities issued as a result of the closing of this tranche will be subject to a statutory hold period until October 9, 2023. The company expects to complete the second tranche of CAD 750,000 in the coming weeks.