Fobi AI Announces Shares for Debt Arrangement & Strategic Private Placement
Summary
Not for distribution to U.S. news wire services or dissemination in the United StatesVANCOUVER, 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 arms 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 finders 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).