Fobi AI Announces Shares for Debt Arrangement & Strategic Private Placement
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VANCOUVER, British Columbia, June 28, 2024 (GLOBE NEWSWIRE) — Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi“), an industry leader in harnessing AI and data intelligence to enable digital transformation, advises it has completed a shares-for-debt transaction with certain arm’s length creditors to the Company. The Company has settled $209,750 in outstanding debt in exchange for the issuance of 2,996,428 common shares of the Company (“Shares”) at a price of $0.07 per Share (the “Debt Settlement”), all of which are subject to a statutory hold period of four months in accordance with applicable securities laws. No finder’s fees or commissions were paid in connection with the Debt Settlement. The Debt Settlement is subject to the final approval of the TSX Venture Exchange (the “TSXV”).
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