Fobi Website: Rob Anson, CEO Facebook: @ Fobiinc T : +1 877-754-5336 Ext.3 Twitter: @ Fobi_inc E: ir@fobi.ai LinkedIn: @ Fobiinc Forward Looking Statements/Information: This news release contains certain statements which constitute forward-looking statements or information, including statements regarding the terms of the Proposed Offering, the Partial Revocation Order, the intended use of the proceeds of the Proposed Offering, the time to complete the Annual Filings and Interim Filings, and other statements characterized by words such as "anticipates,” "may,” "can,” "plans,” "believes,” "estimates,” "expects,” "projects,” "targets,” "intends,” "likely,” "will,” "should,” "to be”, "potential” and other similar words, or statements that certain events or conditions "may”, "should” or "will” occur.
Vancouver, BC, Dec.27, 2024 (GLOBE NEWSWIRE) -- FOBI AI Inc.(FOBI:TSXV) (FOBIF:OTCQB) ("Fobi” or the "Company”) announces that it has applied to its principal regulator, the British Columbia Securities Commission ("BCSC”), for a partial revocation order (the "Partial Revocation Order”) of the ongoing failure-to-file cease trade order ("FFCTO”) ordered by the BCSC on November 1, 2024, in order to complete a non-brokered private placement offering (the "Proposed Offering”) of 56,114,400 units of the Company (the "Units”) to a single subscriber (the "Subscriber”) at a price per Unit of US$0.04 for aggregate gross proceeds of US$2,244,576 on a prospectus exempt basis.
The Company anticipates filing (i) audited annual financial statements, management’s discussion and analysis, and related certifications for the year ended June 30, 2024 ("Annual Filings”), within 45 days of the closing of the Proposed Offering and (ii) interim financial statements, management’s discussion and analysis, and related certifications for the three months ended September 30, 2024, including certifications thereto ("Interim Filings”), within 15 days of the filing of the Annual Filings, at which time the Company intends to apply for a full revocation of the FFCTO.
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