Mr. Blake Fallis reports
AI/ML INNOVATIONS INC. ANNOUNCES PROPOSED PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES
AI-ML Innovations Inc. is proposing to complete a non-brokered private placement pursuant to which the company will issue convertible debentures in the principal amount of up to $3-million. The debentures may be converted into units of the company at the option of the holder of the debentures at any time at a conversion price of five cents per unit, with each unit being composed of one common share of the company and one common share purchase warrant. Subject to the anti-dilution provisions that will be contained in the certificates governing the terms of the warrants, each whole warrant shall be exercisable to acquire one common share at a price of 15 cents for a period of 36 months from the date of issuance of the warrants. The debentures will bear interest at a rate of 10 per cent per annum that accrues and is payable on the earlier of maturity or conversion, with accrued/unpaid interest also being convertible into units under the same terms. The debentures shall mature on the date that is three years following the date of issuance thereof.
The offering remains subject to various closing conditions, including the approval of the Canadian Securities Exchange.
About AI-ML Innovations Inc.
AI-ML is a global technology company pioneering the use of artificial intelligence and neural networks to transform digital health. Its proprietary platforms leverage advanced signal processing and deep learning to convert complex biometric data into actionable clinical insights -- supporting earlier diagnosis, personalized treatment and more effective care. AI-ML's shares trade on the Canadian Securities Exchange, the OTCQB Venture Market and the Frankfurt Stock Exchange.
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