On June 30, 2023, AI/ML Innovations Inc. closed the transaction. The company issued 10,811,972 units at a price of CAD 0.075 per unit for gross proceeds of CAD 810,897.9 in its second and final tranche bringing the total transaction size to CAD 1,112,097.9. The company paid finders fees in relation to the second tranche to four qualified finders of CAD 44,997.49 and issued 329,300 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 November 6, 2023.

An insider of the Company subscribed for an aggregate of 500,000 common share units of the Company. The company an additional CAD 1,125 and 15,000 warrants entitling the holder to acquire an additional share for 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 was paid to a brokerage firm.