Alset AI Ventures Updates on $3 Million Loan Transaction

Alset AI Ventures Inc., an AI venture firm, has provided an update on its loan transaction with Mr. Randy Gilling. The transaction involves a loan of up to $3 million, aimed at boosting the company's financial capabilities. The loan will be structured through the issuance of up to 3,000 non-convertible debentures, each priced at $1,000, bearing an annual interest rate of 6%. The debentures mature three years after issuance.

The loan will be released in multiple tranches, with the first $500,000 tranche expected soon after TSXV approval. Additional tranches follow progressively, with the final, larger tranche being discretionary. Warrants to purchase common shares are part of each tranche consideration, with specific exercise prices and terms.

The transaction constitutes a related party transaction as Mr. Gilling holds over 10% of Alset AI's common shares. The deal relies on certain regulatory exemptions. Final TSXV approval is still pending.