On February 28, 2024, Fobi AI Inc. closed the transaction. The company issued 13,212,128 units for aggregate gross proceeds of CAD 924,849 in its second tranche. In connection with the closing of the second tranche, the finders were paid an aggregate of CAD 36,019.20 in cash and issued a total of 514,560 non-transferrable finder warrants. Each finder warrant is exercisable to acquire one common share at an exercise price of CAD 0.14 until February 28, 2027 or as otherwise accelerated as per the acceleration right. The finder warrants are subject to a hold period of four months from the date of issuance thereof. The transaction included participation from 74 investors including three existing insiders for 1,428,569 units, and four pro groups for 2,800,000 units.

On March 7, 2024,, the company announced that the transaction has been approved by the TSX Venture Exchange.