XMachina AI Group Inc. provides corporate update for fundraising and filing status
MONTREAL, BC, CANADA, September 26, 2023 /EINPresswire.com/ — XMachina AI Group Inc., formerly 1210352 B.C. Ltd., (the “Company”) announces a corporate update as detailed herein.
Convertible Debenture Financing – First Tranche Close
The Company is pleased to announce that the Company’s thesis continues to resonate with the tech investment community and has closed approximately $500,000 of its pre-listing target of $1.75M.
“The final total will be confirmed by week’s end but the activity and response to date has been exciting” commented Claude G Theoret, CEO of the Company. The Debenture may be converted at $0.20 per unit, with each unit comprised of one (1) Subordinate Voting Share and one (1) Subordinate Voting Share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to acquire one (1) additional Subordinate Voting Share, at an exercise price of $0.25 per share, for a period of 6 months following the conversion date of the Convertible Debentures.
The Company will close the Debenture Offering in one or more tranches with an anticipated final closing on or before October 31, 2023, with net proceeds earmarked for acquisitions and/or general working capital requirements.
CSE Listing Application – Non-Offering Prospectus
The Company has filed continued responses to comments received from the BCSC regarding the Company’s Non-Offering Prospectus (“Prospectus”). The Company filed an amended and restated Prospectus on February 21, 2023, to address several comments from the Exchange and anticipates submitting its final revised Prospectus within days.
Operation Updates – 2023 Audit Completion
We are pleased to report that the Company has completed the audit of its annual financial statements. The audit engagement for this year was completed in eight weeks by the Company’s newly appointed audit group WDM CPA’s and we are glad to confirm their appointment for our 2024 professional reporting requirements. WDM is currently completing the review of the Company’s June 30, 2023, quarterly financial statements that have been previously filed on SEDAR.
We wish to thank our shareholders and team members for their continued support through the year and we look forward to a successful 2023 and 2024.
About the Company
XMachina AI Group Inc. acquires companies that are applying AI and advanced data analytics in innovative ways to solve real-world business problems. The Company then accelerates their growth by injecting capital, top tier talent and by streamlining their corporate processes. Current sectors of interest for the Company include supply chain and logistics, manufacturing, construction, and real estate management. For more information, please visit https://machina-ai.com.
XMachina AI Group Inc.
Chief Financial Officer & Director
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the listing of the Company’s Subordinate Voting Shares on the CSE, the receipt for the preliminary and final non-offering prospectus from the BCSC are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences on or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that planned drilling programs will be delayed, uncertainties relating to the availability and costs of financing needed in the future, activities of the Company may be adversely impacted by the current economic conditions, including the ability of the Company to secure additional financing, the possibility that future development of Company’s products and services results will not be consistent with the Company’s expectations, changes to regulations affecting the Company’s activities, delays in obtaining or failure to obtain required approvals, the other risks disclosed under the heading “Risk Factors” in the preliminary non-offering prospectus.
Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein.