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VANCOUVER, British Columbia, September 26, 2022 - FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF) (the "Company" or "FOBI"), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to announce that it has completed a non-brokered private placement offering (the "Offering") of 3,681,595 units of the Company ("Units") at a price per Unit of $0.35 for aggregate gross proceeds of $1,288,558.

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 shall entitle the holder thereof to purchase one additional common share of the Company at a price of $0.65 at any time on or before the 24-month anniversary of the date of closing. The Subscribers of the non-brokered private placement include a strategic investor, as well as Directors, Officers, and Senior Management of the Company.

There were no commissions or broker fees paid in association to the Offering. The net proceeds from the Offering are expected to be used for general and corporate working capital purposes. All securities issued pursuant to the Offering will be subject to a statutory hold period ending on January 27, 2023.

Fobi CEO, Rob Anson stated: "While many companies are struggling with not just financing, but fighting for their very survival in this challenging global environment, Fobi and its shareholders have built a strong foundation, which the Company has laid over the last three years by architecting and delivering future-proofed tech stacks, numerous key and strategic acquisitions and by way of the continued release of relevant product releases. As a result of this foundation, we caught the attention of a very strategic seven-figure lead investor who recognized the importance of offering a strategic, right-sized. and market-friendly financing, which enabled the Company to execute this offering without having to pay any commissions or fees, saving significantly on fees and further warrants. I am also very pleased to see the support of our Directors and Senior Management, who also re-invested to show their support in the future growth of the Company.


I want to thank our strategic investor and senior management team for demonstrating their unequivocal confidence in Fobi's anticipated growth and profitability over the next 12 months - and look forward to delivering the kind of results that will generate significant value for all of our shareholders."


Insider Participation

Mr. Rob Anson, Mr. Gavin Lee. Mr. Peter Green, and Ms. Annie Chan, the Chief Executive Officer, Chief Operating Officer, Director, and Chief Financial Officer of the Company (the “Insiders”) each respectively participated in the Offering by acquiring 155,785 Units in the case of Mr. Anson, 129,505 Units in the case of Mr. Lee, 90,000 Units in the case of Mr. Green, and 26,229 Units in the case of Ms. Chan. As a result of the participation of the Insiders in the Offering, the Offering constitutes a "related party transaction" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Additionally, various other members of the Senior Management will also be participating in the Offering, showing great confidence in the long-term future of the Company.

Pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, the Company is exempt from obtaining a formal valuation and minority approval of the Company’s shareholders as the fair market value of each of the Insiders participation, individually, and in aggregate, in the Offering is below 25% of the Company’s market capitalization as determined in accordance with MI 61-101.

A material change report including details with respect to the related party transaction could not be filed less than 21 days prior to the closing of the Offering as the Company did not receive prior confirmation of such participation and the Company deemed it reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.

Video Interview

George Tsiolis of Agoracom, interviews our CEO Rob Anson to give an update on the recent non-brokered private placement. Watch here.

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.

For more information, please contact:

Fobi AI Inc.

Rob Anson, CEO and Director

T: 1-877-754-5336 Ext. 3

E: ir@fobi.ai


Website: www.fobi.ai


Twitter: @Fobi_inc


Forward-Looking Statements/Information:

This news release contains certain statements which constitute forward-looking statements or information. 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 conditions, industry conditions, and competition from other industry participants, 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, and 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) accepts responsibility for the adequacy or accuracy of this release.

Post by Fobi
September 26, 2022