AI/ML Innovations Inc. Proposes $3 Million Convertible Debenture Offering

AI/ML Innovations Inc., a Toronto-based technology company, has announced a proposed private placement of convertible debentures worth up to $3 million. These debentures can be converted into company units at a price of $0.05 per unit. Each unit consists of one common share and one purchase warrant, which will be exercisable to acquire an additional share at $0.15 for 36 months.

The debentures will carry an interest rate of 10% per annum, payable upon maturity or conversion. The offering is subject to closing conditions, including approval from the Canadian Securities Exchange. The debentures mature three years after issuance.

The securities aren't registered under the U.S. Securities Act and cannot be sold within the U.S. The announcement clarifies that there's no guarantee the offering will proceed as planned.