The offering is contingent upon regulatory approvals and the execution of a subscription agreement. Upon completion, the subscriber will hold 19.99% of FOBI's common shares. FOBI plans to file its annual and interim financial statements shortly after the offering's closure. The company aims to leverage the funds to enhance its operations and eventually lift the cease trade order. FOBI is recognized for its work in AI and data intelligence across various industries, including retail, insurance, and entertainment.
Key takeaways:
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- FOBI AI Inc. is seeking a partial revocation order from the British Columbia Securities Commission to complete a private placement offering of 56,114,400 units at US$0.04 per unit, aiming to raise US$2,244,576.
- The proceeds from the offering will be used to cover outstanding expenses, file continuous disclosure documents, and apply for a full revocation of the cease trade order.
- The private placement will result in the subscriber holding 19.99% of the company's common shares, with restrictions on exercising warrants to prevent exceeding 20% ownership.
- FOBI AI Inc. plans to file its annual and interim financial statements within specified timeframes following the closing of the proposed offering.