Vancouver-based tech firm Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB), a trailblazer in the realm of AI and data intelligence driving digital transformation, proudly announces the successful completion of its non-brokered private placement financing initiative. Building on the momentum generated by previous press releases issued on August 22, 2023, September 1, 2023, and September 18, 2023, the Company has achieved impressive results, securing $1,497,360 in aggregate gross proceeds through the issuance of 6,806,271 Units.

Each Unit, priced at $0.22, consists of a Common Share in the capital of the Company and one-half of a common share purchase warrant (Warrant). Holders of these Warrants are entitled to acquire Common Shares at an exercise price of C$0.30. The exercise period extends to the earlier of three years from each tranche's closing date and the occurrence of the Acceleration Condition. The Acceleration Condition is met if the volume-weighted average price of Common Shares on the TSX Venture Exchange (TSXV) reaches or exceeds $0.50 for any continuous 10-trading-day period post the Offering's closure. Should this happen, the Company may accelerate the expiry of the Warrants, with a 30-day notice following a news release confirming this decision.

The private placement, conducted in full compliance with applicable regulatory requirements, was offered to purchasers in Canada (excluding Quebec) and other qualifying jurisdictions. It took place under the Listed Issuer Financing Exemption, making the securities issued exempt from a hold period per Canadian securities laws. The funds raised from the placement are earmarked for product expansion and integration, market expansion, and general working capital and corporate expenses.

It is important to note that the securities issued under this placement have not been and will not be registered under the U.S. Securities Act of 1933 or any U.S. state securities laws. Therefore, they cannot be offered or sold in the United States, unless registered or exempt from registration requirements under the U.S. Securities Act and applicable state securities laws.

This achievement underscores Fobi AI's commitment to future growth, with a focus on product development and market reach. As a leader in AI and data intelligence, Fobi AI is poised for further expansion and impact, strengthening its position as a key player in the digital transformation landscape. Investors looking to be part of this dynamic journey can access the Fobi Investor Experience Wallet Pass on the Investor Experience page, unlocking enhanced access to vital investor information.

Founded in 2017, Fobi AI has rapidly evolved into a significant player in AI and data intelligence, assisting businesses worldwide in leveraging customer data for personalized, data-driven experiences. The company is committed to promoting digital sustainability, reducing paper usage, and minimizing plastic waste on a large scale.

Fobi AI's impressive record-breaking achievements and strategic moves highlight its potential in the AI sector, making it a compelling choice for investors looking to capitalize on the digital transformation revolution.

This press release can be accessed on the Fobi website: https://investors.fobi.ai/pr/fobi-announces-completion-of-non-brokered-private-placement

On behalf of the Board of Directors of the Company,

"Rob Anson"