FOBI Completes $7.42 Million Private Placement, Including $350,000 by CEO Rob Anson and Led by Echelon Wealth Partners

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

VANCOUVER, BC, June 30, 2021 /CNW/ – FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF) (the “Company” or “FOBI“), a global leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to announce that it has now completed the previously announced brokered private placement offering (the “Offering“) of 5,935,000 units of the Company (“Units“), which includes 335,000 Units pursuant to an option to purchase up to an additional 15% of the Units, exercised in part by the Agent, at a price per Unit of $1.25 for aggregate gross proceeds of $7,418,750. The Offering was conducted by Echelon Wealth Partners Inc. (the “Agent“) as sole bookrunner and sole agent.

FOBI AI Inc. (CNW Group/FOBI AI Inc.)

Each Unit consists of one common share of the Company (a “Unit Share“) and one-half of one common share purchase warrant of the Company (each whole such warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one common share in the capital of the Company (a “Warrant Share“) at an exercise price of $1.60 per share at any time until 4:30 p.m. (Vancouver Time) on June 30, 2023.

The net proceeds from the Offering will be used for general and corporate working capital purposes.


FOBI CEO Rob Anson, who personally participated in the private placement with an investment of $350,000, stated “This financing will go a long way in providing the financial resources necessary to fund the exponential growth in opportunities we have been experiencing in 2021 as a result of our global Tier-1 partnerships with data, telecom and point of sale leaders, as well as, our own direct efforts within the hospitality, sports and venue verticals. As a result of this growth and our expectations to close on many significant deals, we have been hiring at a breakneck speed and will continue to hire many of the best executive and developer level people in the world necessary to meet the demand.  It is a great problem to be solving and I’m happy to back my words with a $350,000 investment in this private placement.”

The Company is exempt from the formal valuation requirement and the minority approval requirement under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions in relation to the acquisition of securities by Mr. Anson, as the fair market value of the consideration for the Offering, insofar as it involved Mr. Anson, did not exceed 25% of the Company’s market capitalization.

In connection with the Offering, the Agent received a cash commission in the aggregate amount of $428,793.75 and 343,035 non-transferable broker warrants (the “Broker Warrants“), with each Broker Warrant exercisable into one unit of the Company consisting of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant of the Company (each, a “BW Warrant“) until June 30, 2023, at a price of $1.25 per unit. Each BW Warrant is exercisable into one common share in the capital of the Company until June 30, 2023, at a price of $1.60 per share.

All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws, expiring October 31, 2021.

The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.

This Press Release Is Available On the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement

About FOBI

FOBI is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. FOBI’s unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. FOBI partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.

This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including the impact of general economic and capital markets conditions, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve all or any of its proposed objectives.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.


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