Fobi Ai Inc. announced a best efforts basis brokered private placement of units for gross proceeds of CAD 7,000,000 on June 15, 2021. The size of the transaction and the price of the units will be determined in the context of the market. The number of units, the price per unit, the exercise price of the warrants and other final terms will be determined by the company and the placement agent upon the pricing of the transaction. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. The company has also granted the agent an option to purchase up to an additional 15% of units, exercisable at any time until 48 hours prior to closing. The transaction is scheduled to close on or about June 30, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.