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AI/ML Innovations Inc. Completes Shares for Debt Arrangement
AI/ML Innovations Inc. Completes Shares for Debt Arrangement
AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a leading company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to report that it has completed its previously announced shares for debt transaction.
Further to a press release issued on December 3, 2024, the Company entered into a Debt Settlement and Security Agreement with one creditor (the "Creditor") for payment of indebtedness owing to the Creditor in the aggregate total of US$17,260 (CAD $24,231.31) ("Debt") with respect to services rendered by the Creditor (the "Debt Settlement"). The Creditor is arm's length to the Company and has agreed to the conversion of the Debt into Shares. Pursuant to the Debt Settlement, and acceptance by the Canadian Securities Exchange, the Company has issued to the Creditor a total of 302,891 Shares, at a deemed price of $0.08 per Share. The issuance of the Shares fully settles the Debt owing to the Creditor. The Shares issued are subject to a four-month hold period.
The Company also announces a confirmation of the term of warrants in connection with a previously closed private placement. On August 19, 2024 the Company closed a private placement of 7,845,000 units, each unit consisting of one share and one warrant. Through an oversight, it was announced that the term of the warrants was for two years. The warrants were for a three-year term and those warrant holders that received two-year warrants have now been sent revised replacement three-year warrants.
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About AI/ML Innovations Inc. https://aiml-innovations.com/
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge Inc. (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 11.11% currently owned by AIML), AI Rx Inc. (70% owned by AIML), NeuralCloud Solutions Inc. (100% owned by AIML), and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company's stakeholders. AI/ML's shares are traded on the Canadian Securities Exchange under the symbol "AIML", the OTCQB Venture Market under "AIMLF", and the Frankfurt Stock Exchange under "42FB".
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website or the Company's filed documents at www.sedarplus.ca
For further information, contact: Blake Fallis at (778) 405-0882 or [email protected]
The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: AI/ML Innovations, Inc.
L.Côte--SMC
