FOBI AI Inc. seeks to change conversion price of debentures in private offering

From GlobeNewswire: 2025-03-03 19:59:13

FOBI AI Inc. has applied for a Second Variation Order to change the conversion price of convertible debentures in a proposed private placement offering. The Revised Offering includes up to 1,495 debentures with a principal amount of C$1,000 each, bearing 10.0% interest per annum. The Company aims to use the proceeds to file outstanding documents and seek a full revocation of the FFCTO. The Subscriber may hold up to 9.99% of Common Shares post-conversion. The completion of the Revised Offering is subject to approval by the BCSC and the Subscriber’s agreement.

The Revised Offering aims to raise C$1,495,000 to cover various costs, including accounting, legal fees, payroll, and essential operating expenses. The Company anticipates using the proceeds to file outstanding continuous disclosure documents and pay related fees. The completion of the Revised Offering is conditional upon the grant of the Second Variation Order by the BCSC and the execution of a subscription agreement by the Subscriber, among other requirements.

FOBI AI Inc. was founded in 2017 in Vancouver and is a leading AI and data intelligence company. The company provides businesses with real-time applications to digitally transform and future-proof their organizations. FOBI works with global organizations across various industries and aims to drive digital sustainability by reducing paper waste and leveraging customer data for personalized experiences.



Read more at GlobeNewswire: FOBI AI Inc. Announces Proposed Variation to Private