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Fobi AI Announces Completion of Non-Brokered Placement

VANCOUVER, BC, February 28, 2024, Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to announce that, further to its press release dated February 28, 2024, it has completed a non-brokered private placement offering (the "Offering") of 7,603,569 units of the Company ("Units") at a price per Unit of $0.07 for aggregate gross proceeds of $532,250. 

Rob Anson, Chief Executive Officer of the Company commented “Raising funds in today's challenging market is no easy feat. I am deeply humbled and grateful for the overwhelming interest and support we have received for our listed issuer financing exemption (“LIFE”) offering. As we reached the maximum eligible investment, we received a couple of large orders that unfortunately couldn't be accommodated within the LIFE offering. Recognizing this demand, the parties involved approached us to explore the possibility of an additional private placement. The fact that we successfully completed our total investment eligible for the LIFE offering as well as a concurrent non-LIFE private placement, speaks volumes about the level of support and confidence in our Company’s direction and future. With this significant raise, we now find ourselves in a position of stronger financial strength, bolstered by a solid cash position and a promising run rate.”

Each Unit consists of one (1) common share in the capital of the Company (a “Common Share”) and one (1) common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one (1) additional Common Share at an exercise price of C$0.14 until the earlier of three (3) years from the date of issuance; and (ii) in the event the volume weighted average price of the Common Shares on the TSX Venture Exchange (the “TSXV”) for any continuous 10 trading day period meets or exceeds $0.21 following the date of issuance thereof (the “Acceleration Condition”), the date that is thirty (30) days following the issuance of a news release by the Company announcing the acceleration of the expiry of the Warrants, which such news release may be issued at any time following the trigger of the Acceleration Condition (the “Acceleration Right”). For avoidance of doubt, the Company shall not be obligated to exercise the Acceleration Right at any time. 

All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day from closing under applicable Canadian securities laws.

The Company intends to use the net proceeds of the Offering for sales and marketing, product expansion and integration, market expansion and general working capital and corporate expenses.

In connection with the closing of the Offering, the Company paid an aggregate of $14,420.00 in cash and issued 206,000 finder’s warrants (each, a “Finder’s Warrant”) pursuant to finder’s fee agreements with PI Financial Corp. and EMD Financial Inc., each an arm’s length finder. The Finder’s Warrants have the same terms as the Warrants.  

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