09:00 AM EDT, 07/10/2024 (MT Newswires) -- infinitii ai (IAI.CN), which rose 10% in Canada yesterday, albeit from lower levels, said Wednesday that it has completed an oversubscribed private placement.

"We are pleased to announce that our original goal of raising $875,000 has been oversubscribed to now total $1 million," Jean Charles Phaneuf, infinitii ai's CEO, said.

The company has issued convertible debentures with a face value of about $1 million. The debentures carry an interest rate of 10% per year compounded semi-annually, have a maturity date of July 9, 2027, and are convertible along with any accrued interest into units at $0.05 apiece. Each unit consists of one share and one warrant for the purchase of one share at $0.10 expiring 36 months from their issue.

The company plans to use the proceeds for working capital and payment of outstanding convertible debts.

In its most recent quarter, infinitii ai announced its highest-ever quarterly result for software sales, generating $675,484 in revenues for the three-month period ended March 31, 2024, compared to $573,404 for the three-month period ended December 31, 2023, an 18% lift.