This press release does not constitute an
offer of securities for sale in the
United States. The securities being offered have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended, and such securities may not be offered or sold
within the United States absent
U.S. registration or an applicable exemption from U.S. registration
requirements.
VANCOUVER, BC, June 30, 2021 /CNW/ - FOBI AI Inc. (TSXV: FOBI)
(OTCQB: FOBIF) (the "Company" or "FOBI"), a global
leader in providing real-time data analytics through artificial
intelligence to drive customer activation and engagement is pleased
to announce that it has now completed the previously announced
brokered private placement offering (the "Offering") of
5,935,000 units of the Company ("Units"), which includes
335,000 Units pursuant to an option to purchase up to an additional
15% of the Units, exercised in part by the Agent, at a price per
Unit of $1.25 for aggregate gross
proceeds of $7,418,750. The Offering
was conducted by Echelon Wealth Partners Inc. (the "Agent")
as sole bookrunner and sole agent.
Each Unit consists of one common share of the Company (a
"Unit Share") and one-half of one common share purchase
warrant of the Company (each whole such warrant, a
"Warrant"). Each Warrant entitles the holder thereof to
acquire one common share in the capital of the Company (a
"Warrant Share") at an exercise price of $1.60 per share at any time until 4:30 p.m. (Vancouver Time) on June 30, 2023.
The net proceeds from the Offering will be used for general and
corporate working capital purposes.
CEO ROB ANSON INVESTS $350,000
IN PRIVATE PLACEMENT AS FOBI PIPELINE RAPIDLY EXPANDS
FOBI CEO Rob Anson, who
personally participated in the private placement with an investment
of $350,000, stated "This financing
will go a long way in providing the financial resources necessary
to fund the exponential growth in opportunities we have been
experiencing in 2021 as a result of our global Tier-1 partnerships
with data, telecom and point of sale leaders, as well as, our own
direct efforts within the hospitality, sports and venue verticals.
As a result of this growth and our expectations to close on many
significant deals, we have been hiring at a breakneck speed and
will continue to hire many of the best executive and developer
level people in the world necessary to meet the demand. It is
a great problem to be solving and I'm happy to back my words with a
$350,000 investment in this private
placement."
The Company is exempt from the formal valuation requirement and
the minority approval requirement under Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special
Transactions in relation to the acquisition of securities by
Mr. Anson, as the fair market value of the consideration for the
Offering, insofar as it involved Mr. Anson, did not exceed 25% of
the Company's market capitalization.
In connection with the Offering, the Agent received a cash
commission in the aggregate amount of $428,793.75 and 343,035 non-transferable broker
warrants (the "Broker Warrants"), with each Broker Warrant
exercisable into one unit of the Company consisting of one common
share in the capital of the Company and one-half of one
non-transferable common share purchase warrant of the Company
(each, a "BW Warrant") until June 30, 2023, at a price
of $1.25 per unit. Each BW Warrant is
exercisable into one common share in the capital of the Company
until June 30, 2023, at a price of
$1.60 per share.
All securities issued in connection with the Offering will be
subject to a four-month-and-one-day statutory hold period in
accordance with applicable securities laws, expiring October 31, 2021.
The securities offered in the Offering have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or for the account or
benefit of, United States persons,
absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This news release does not constitute
an offer to sell or the solicitation of any offer to buy securities
in the United States, nor in any
other jurisdiction.
This Press Release Is Available On the FOBI Verified Forum On
AGORACOM For Shareholder Discussion And Management Engagement
About FOBI
FOBI is a cutting-edge data intelligence company that helps our
clients turn real-time data into actionable insights and
personalized customer engagement to generate increased profits.
FOBI's unique IoT device has the ability to integrate seamlessly
into existing infrastructure to enable data connectivity across
online and on-premise platforms creating highly scalable solutions
for our global clients. FOBI partners with some of the largest
companies in the world to deliver best-in-class solutions and
operates globally in the retail, telecom, sports &
entertainment, casino gaming, and hospitality & tourism
industries.
This news release contains certain statements which
constitute forward-looking statements or information, including
statements relating to the use of proceeds from the Offering. Such
forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond the Company's control,
including the impact of general economic and capital markets
conditions, stock market volatility and the ability to access
sufficient capital from internal and external sources. Although the
Company believes that the expectations in its forward-looking
statements are reasonable, they are based on factors and
assumptions concerning future events which may prove to be
inaccurate. Those factors and assumptions are based upon currently
available information. Such forward-looking statements are subject
to known and unknown risks, uncertainties and other factors that
could influence actual results or events and cause actual results
or events to differ materially from those stated, anticipated or
implied in the forward-looking statements. As such, readers are
cautioned not to place undue reliance on the forward-looking
statements, as no assurance can be provided as to future plans,
operations, results, levels of activity or achievements. The
forward-looking statements contained in this news release are made
as of the date of this news release and, except as required by
applicable law, the Company does not undertake any obligation to
publicly update or to revise any of the included forward looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement.
Trading in the securities of the Company should be considered
highly speculative. There can be no assurance that the Company will
be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE FOBI AI Inc.