FOBI AI Inc. plans private placement to cover expenses

From GlobeNewswire: 2024-12-27 17:50:37

FOBI AI Inc. has applied for a Partial Revocation Order to address an ongoing failure-to-file cease trade order, allowing for a private placement offering of 56,114,400 units at US$0.04 per unit. The proceeds of US$2,244,576 will cover outstanding expenses and essential costs. The Subscriber will hold 19.99% of the Company’s common shares post-offering. The completion of the offering is subject to regulatory approvals and the execution of a subscription agreement. The Company plans to file required financial statements within 45 days of closing the offering to seek a full revocation of the cease trade order.

Founded in 2017, Fobi AI Inc. is a Vancouver-based AI and data intelligence company helping businesses transform digitally. They work with global organizations in various sectors, providing personalized customer experiences and reducing paper waste. More information can be found on their website.

Disclaimer: This news release includes forward-looking statements about the Proposed Offering, intended use of proceeds, and future filings, subject to market conditions and regulatory approvals. The Company does not guarantee the achievement of proposed objectives. Trading in the Company’s securities is considered highly speculative.



Read more at GlobeNewswire: FOBI AI Inc. Announces Proposed Private Placement and BCSC