Fobi AI Announces Completion of Second Tranche Of Non-Brokered Private Placement

Executive Summary

• Fobi AI Inc. completed the second tranche of its non‑brokered private placement, issuing 10 million units at C$0.05 per unit for gross proceeds of $500,000.
• Each unit consists of one common share and one warrant to purchase an additional share at C$0.10, exercisable for up to 36 months.
• Net proceeds are earmarked for sales & marketing, product expansion, market expansion, and general working capital.

Key Details

• Units Issued: 10,000,000 units (each = 1 common share + 1 warrant).
• Price per Unit: C$0.05.
• Aggregate Gross Proceeds: $500,000 CAD.
• Warrant Terms: Exercise price C$0.10; exercisable for 36 months from issuance.
• Holding Period: Common shares and warrants subject to a four‑month + one‑day hold period per TSX Venture Exchange rules and the existing CTO restrictions.
• Finder’s Fees: None paid in connection with this tranche.
• Use of Proceeds: Sales & marketing, product expansion & integration, market expansion, general working capital and corporate expenses.
• Regulatory Conditions: Offering pending final approval by TSX Venture Exchange; subject to partial revocation order of a CTO issued on Nov 1 2024. Company plans to apply for full revocation after completing outstanding filings.
• U.S. Securities Disclaimer: Securities not registered under U.S. securities laws and may not be offered or sold in the United States absent exemption or registration.

Notable Quotes

(No direct quotes were provided in the release.)