infinitii ai inc. closes convertible debenture to fuel growth of professional services business initiative and ongoing product development
CEO, largest shareholder and Co-founder/longstanding investor are among participants in the financing totalling $550,000
VANCOUVER, BC, Dec. 14, 2023 – infinitii ai inc. (“infinitii ai”, the “Company”) (CSE:IAI, FSE:7C5, OTC:CDTAF) is pleased to announce it has closed its recently announced private placement. infinitii ai’s CEO, the Company’s largest shareholder, and a Co-founder/longstanding investor and past member of the Board of Directors have all participated in the financing.
Upon closing of the private placement the Company issued 3,000,000 units (each, a "Unit") priced at $0.05 per Unit where each Unit is comprised of one common share in the capital of the Company (each, a "Share") and one Share purchase warrant allowing the holder to purchase one Share at a price of $0.10 per Share until December 14, 2026.
Purchasers of these Units include the Company’s CEO Jean Charles Phaneuf, through his holding company 9299-5257 Québec Inc., and Sheldon Inwentash, pursuant to a debt settlement agreement. Mr. Inwentash is currently the Company’s largest shareholder and is ThreeD Capital Inc.’s (“ThreeD”) Founder, Chairman and CEO, while also serving as Strategic Advisor to Mr. Phaneuf. They are joined by Brad Scharfe, through Scharfe Holdings Inc. Mr. Scharfe is infinitii ai’s Co-founder, a longstanding investor and past member of the Board of Directors.
The Company has also issued convertible debentures with a face value of 400,000. The purchase of these debentures is led by ThreeD. These debentures carry an interest rate of 10% per year compounded semi-annually, have a maturity date of December 14, 2026 and are convertible along with any accrued interest into Units at $0.05 per Unit at any time before the maturity date. The warrants included in these Units will have an expiry date 36 months from their issue.
In addition, the Company has granted options to a consultant for the purchase of up to 500,000 Shares at a price of $0.10.
“At our recent Annual General Shareholders’ Meeting (“AGM”) we announced a new professional services business initiative that leverages our unique AI talent base on behalf of customers interested in adopting our technology, but unable to attract and retain staff capable of building robust machine learning algorithms,” said Mr. Phaneuf. “That announcement was motivated by strong interest in the skillsets of our excellent machine learning operations team.”
“To capture this revenue acceleration opportunity, Mr. Inwentash, Mr. Scharfe and I have stepped up to make what we consider to be a highly strategic investment,” stated Mr. Phaneuf. “The cash will also provide synergies with our own ongoing product development efforts that have led to seven-figure sales contracts in the past year.”
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to its ecosystem.
About Scharfe Holdings Inc.
Scharfe Holdings Inc. is part of a group of companies that invest in early-stage North American and Asian companies that have the potential for long-term, expansive, yet sustainable, growth. The group focuses on innovative companies in sectors we can add value: natural resources, oil and gas, technology, biotechnology, media, alternative lending, telecommunications, and partners with ambitious entrepreneurs to bring their innovative ideas to life through the initial public offering (IPO) process.
About infinitii ai inc.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a machine learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade County, Montreal, Boston, Dallas, Region of Peel, York Region and Los Angeles County, among others. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial and SCG Flowmetrix.
infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it’s real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn’t matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.
Contact: Nathan Rudyk
Director, Corporate Communications
+1 778 200 2093
infinitii ai inc.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Forward-looking statements
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