Fobi AI Inc. announced a non-brokered private placement offering of 3,681,595 units of the company at a price per Unit of CAD 0.35 for aggregate gross proceeds of CAD 1,288,558 on September 26, 2022. The subscribers of the non-brokered private placement include a strategic investor, as well as directors, officers, and senior management of the company including Rob Anson, Gavin Lee, Peter Green, and Annie Chan, each respectively participated in the offering by acquiring 155,785 units in the case of Anson, 129,505 units in the case of Lee, 90,000 units in the case of Green, and 26,229 Units in the case of Chan. Each unit consists of one common share and one-half of one common share purchase warrant of the company.

Each warrant shall entitle the holder thereof to purchase one additional common share of the company at a price of CAD 0.65 at any time on or before the 24-month anniversary of the date of closing. There were no commissions or broker fees paid in association to the offering. All securities issued pursuant to the offering will be subject to a statutory hold period ending on January 27, 2023.

TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 11 placees, and existing insider involvement from 4 placees for CAD 401,519.