Fobi AI Inc (CVE:FOBI) (OTCQB:FOBIF) has completed a C$7.42 million financing to fund “exponential growth” this year, the company said.
CEO Rob Anson participated in the private placement to the tune of $350,000.
"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,” Anson said in a statement.
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“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."
Under the terms of the offering, Fobi issued just over 5.9 million units priced at $1.25 for gross proceeds of $7,418,750.
That figure included 335,000 units pursuant to an option to purchase up to an additional 15% of the units exercised by agents Echelon Wealth Partners Inc.
Each unit consists of one share and one-half of one warrant exercisable at $1.60 for a two-year term.
Vancouver-based Fobi provides real-time data analytics through artificial intelligence to drive customer activation and engagement.
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