FOBI LIFE Share Offer UpsizedFOBI's LIFE share offer was upsized and posted to SEDAR+ this morning. Posting a WebLink to the announcement won't work. Here is most of the 1st page of the pdf release. The remaining pages are available for readers to review themselves.
Cheers and stay informed, jdfm22
Fobi AI Announces Upsize to Private
Placement Due to Strong Demand
Not for distribution to United States newswire services or for
dissemination in the United States.
VANCOUVER, BC, February 26, 2024, Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to announce that further to its press releases dated February 2, 2024 and February 23, 2024, due to strong investor demand, the Company has increased the size of its previously announced non-brokered private placement financing (the “Offering”).
The newly upsized Offering will comprise of up to an aggregate of 34,905,500 units of the Company (“Units”) at a price per Unit of C$0.07 for aggregate gross proceeds of up to approximately C$2,443,385, inclusive of the first tranche of the Offering which closed on February 23, 2024. Each Unit shall consist of one (1) common share in the capital of the Company (a “Common Share”) and one (1) common share purchase warrant (each, a “Warrant”). Each Warrant shall be exercisable to acquire one (1) additional common share in the capital of the Company at an exercise price of C$0.14 until the earlier of: (i) thirty-six (36) months from the date of issuance of the Warrants; and (ii) in the event the volume weighted average price of the Common Shares on the TSX Venture Exchange (the “TSXV”) for any continuous 10 trading day period meets or exceeds $0.21 following the closing of the Offering (the “Acceleration Condition”), the date that is thirty (30) days following the issuance of a news release by the Company announcing the acceleration of the expiry of the Warrants, which such news release may be issued at any time following the trigger of the Acceleration Condition (the “Acceleration Right”). For avoidance of doubt, the Company shall not be obligated to exercise the Acceleration Right at any time.