Fobi AI Inc. announced a non-brokered private placement to issue 15,000,000 units at an issue price of $0.10 per unit for the gross proceeds of $1,500,000 on June 28, 2024. Each Unit shall consist of one Share and one Share purchase warrant. Each Warrant shall be exercisable to acquire one additional Share at an exercise price of $0.20 until thirty-six months from the date of issuance of the Warrants.

The closing of the Offering is expected to occur on or about July 3, 2024, or such other date or dates as the Company may determine, and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval from the TSXV.