Fobi AI announces closing of non-brokered private placement, participation includes strategic investor, a

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VANCOUVER, British Columbia, Jan. 24, 2023 (GLOBE NEWSWIRE) --

FOBI AI Inc. FOBI FOBIF (the "Company" or "FOBI"), an industry leader in harnessing AI and data intelligence to enable digital transformation is pleased to announce that it has completed a non-brokered private placement offering (the "Offering") of 4,723,946 units of the Company ("Units") at a price per Unit of $0.175 for aggregate gross proceeds of $826,690.55.

Each Unit consists of one (1) common share of the Company (a "Unit Share") and one-half of one (1/2) common share purchase warrant of the Company (each whole such warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one (1) additional common share in the capital of the Company (a "Warrant Share") at an exercise price of $0.30 per Warrant Share at any time until 4:30 p.m. (Vancouver Time) on January 24, 2025.