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

Core Viewpoint - Fobi AI Inc. has successfully completed the first tranche of a non-brokered private placement financing, raising C$504,200 through the issuance of 10,084,000 units at C$0.05 per unit, which includes common shares and warrants [2][4]. Group 1: Financing Details - The first tranche consists of 10,084,000 units, each unit priced at C$0.05, resulting in total gross proceeds of C$504,200 [2]. - Each unit includes one common share and one warrant, with the warrant allowing the holder to purchase one common share at C$0.10 for 36 months from issuance [2]. - A finder's fee agreement with Raymond James Ltd. resulted in a cash payment of $3,500 and the issuance of 70,000 finder warrants, which have the same terms as the regular warrants [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated towards sales and marketing, product expansion and integration, market expansion, and general working capital and corporate expenses [4]. Group 3: Regulatory Context - The company is currently under a cease trade order (CTO) due to the failure to file certain disclosure documents, but a partial revocation order has been granted to allow the completion of the offering [5]. - The company is working to remedy the default and plans to apply for a full revocation of the CTO upon completing outstanding filings [5]. Group 4: Future Offerings - Fobi may conduct additional tranches of the offering before February 25, 2026, pending approval from the TSX Venture Exchange [7]. Group 5: Company Overview - Fobi AI Inc. specializes in data and AI technology, facilitating digital transformation through real-time data and mobile-wallet engagement across various industries, including retail, sports, and healthcare [8].