01:06 PM EDT, 06/04/2024 (MT Newswires) -- Railtown AI Technologies ( RLAIF ) said Tuesday it plans to raise up to US$650,000 ($889,456.8) in a non-brokered private placement to strategic investors, mainly located in the United States.

The placement will consist of up to 5.4-million units at US$0.12 apiece. Each unit will consist of a share and one-half of an 18-month warrant to buy a second share for US$0.24.

The company plans to use the proceeds for general working capital purposes. The offering is expected to close by June 7.

Railtown AI ( RLAIF ), a Microsoft Partner, is a cloud-based Application General Intelligence Platform for software developers and teams that practice Agile Project Management.

The company's shares were last seen up $0.01 to $0.35 on the Canadian Securities Exchange.

Price: 0.35, Change: +0.01, Percent Change: +2.94