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AI/ML Innovations Inc. Closes Private Placement

TORONTO, ON / ACCESSWIRE / December 18, 2023 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that it has closed its previously announced (December 7, 2023) arms-length non-brokered private placement financing of $754,599.94. The Company issued units at a price of $0.06 per unit, with each unit consisting of one common share and one common share warrant ("Warrant"). Each Warrant will have a term of two (2) years and will entitle the holder to purchase one (1) Warrant Share at a price of $0.12 per share following the closing date, subject to the Company's right to accelerate expiry upon 30 days' notice if the shares trade at $0.30 for a 10 day period.

The Common Shares and Warrants comprising the Units will be subject to a four-month and one day hold period to April 16, 2024

The Company intends to use net proceeds of the Private Placement for working capital requirements.

The Company paid finders fees to qualified finders of $44,710 and issued 618,500 broker's warrants having the same terms as the Warrants.

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