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 [1] Group 1: Financing Details - The first tranche consists of 10,084,000 units, each unit comprising one common share and one warrant, with an aggregate gross proceeds of C$504,200 [1] - Each warrant allows the holder to acquire one common share at an exercise price of C$0.10 for a period of 36 months from the issuance date [1] - A finder's fee agreement was established with Raymond James Ltd., resulting in a cash payment of $3,500 and the issuance of 70,000 non-transferrable finder warrants [2] 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 [3] Group 3: Regulatory Context - The offering is subject to final approval from the TSX Venture Exchange (TSXV) and is currently under a cease trade order (CTO) due to the company's failure to file certain disclosure documents [3] - A partial revocation order has been granted to allow the completion of the offering, and the company is working towards a full revocation of the CTO [3] Group 4: 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 [6]