AI/ML Innovations Inc. Announces Closing of First Tranche of Proposed Private Placement

TORONTO, ON / ACCESSWIRE / June 7, 2023 / AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce a private placement of $1,051,200 and that it will close the first tranche of this non-brokered private placement on June 8, 2023.

The Company has raised first tranche proceeds on the financing of $301,200 through the sale of 4,016,000 units at a price of $0.075 per unit. The Company expects to complete the second tranche of $750,000 in the coming weeks. Each unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one common share of the Corporation (each a "Warrant Share"). Each Warrant will have a term of five (5) years and will entitle the holder to purchase one (1) Warrant Share at a price of $0.10 for the first year from the date of closing, $0.20 for the second year, $0.30 for the third year, $0.40 for the fourth year, and $0.50 for the fifth year following the closing date.

The Company paid finders fees in relation to the first tranche to a qualified finder of $3,750 and issued 67,500 broker warrants, which are on the same terms as the warrants forming part of the units.

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 intends to use the proceeds of this offering to further advance its platform deployment with key healthcare clients as well as general operating capital.

For more information about AI/ML Innovations:

For detailed information please see AI/ML's website at https://aiml-innovations.com/

or the Company's filed documents at www.sedar.com

For further information: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com

Presentations:

Investor slidedeck: https://aiml-innovations.com/wp-content/uploads/2021/11/AIML-pres-11-21-v1.2.pdf

Corporate video: https://www.youtube.com/watch?v=k2QSjo7clXc&feature=youtu.be

Official YouTube Channel: https://www.youtube.com/channel/UCCfOj2P_Fu3TOK6Jl1G9vEQ

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 (70% owned by AIML), Tech2Heal (22% ownership commitment by AIML), AI Rx Inc. (70% 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

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: AI/ML Innovations Inc.