Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc announced that it has completed a non-brokered private placement offering of 3,681,595 company units, issued at a price of C$0.35 per unit, raising gross proceeds of C$1,288,558.
The provider of AI-driven, real-time data analytics said subscribers of the private placement included a strategic investor, as well as company directors, officers, and senior management, which included Fobi’s CEO, chief operating officer, and chief financial officer.
“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,” Fobi AI CEO Rob Anson said in a statement.
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“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,” Anson added.
Fobi noted that net proceeds from the offering are expected to be used for general and corporate working capital purposes.
Each unit of the private placement consisted of one company common share plus one-half of one common share purchase warrant, with each warrant entitling the holder to purchase one additional Fobi common share at a price of $0.65 at any time on or before the 24-month anniversary of the date of closing.
The company added that all securities issued pursuant to the offering will be subject to a statutory hold period ending on January 27, 2023, and there were no commissions or broker fees paid in association to the private placement.
Fobi is a cutting-edge data intelligence company that helps its clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.
Contact Sean at sean@proactiveinvestors.com