Xmachina-AI Inc. (“Xmachina” or the “Company”) is pleased to announce the successful closing of the Company’s seed round. Initially slated for $2 million, the seed round was over-subscribed by 20% to just over $2.4 million. “We could not be happier with the reception from the investment communities to our approach to the artificial intelligence (“AI”) sector,” commented Claude Theoret, CEO of Xmachina.
The offering consisted of 20,000,000 common shares of the Company at $0.10 and was oversubscribed to 24,660,000 common shares for gross proceeds of $2,466,000. Proceeds from the raise will be used to complete the listing process on the Canadian Securities Exchange (the “CSE”), close acquisition targets, and general working capital requirements.
The seed round was supported through the efforts of Hampton Securities, Echelon Wealth Partners and a wide breadth of support from the investment communities in Vancouver, Toronto and Montreal.
The Company is preparing to accept interest in its pre-IPO round that is projected to offer $4M at $0.25 per common share and enhance the Company’s acquisition strategy through to listing on the CSE.
About Xmachina
Xmachina-AI Inc. seeks to provide a platform for the acquisition of Artificial Intelligence (“AI”) entities in North America. The Company’s thesis is based on an aggregation strategy to acquire successful AI targets and make them better through the addition of growth capital, streamlining of corporate processes and human capital acquisitions. The current sector focus of the Company is on enhancing supply-chain efficiencies, logistics and manufacturing.
Cautionary Statements Regarding Forward Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward- looking statements include, but are not limited to, statements with respect to: the ability of the Company to execute its business strategy and Use of Proceeds, Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, including risk with successful completion of due diligence on acquisitions, CSE listing requirements, regulatory barriers, capitalization and other uncertainties or factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Xmachina disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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