/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR
FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, June 15, 2021 /CNW/ - FOBI AI Inc. (formerly
Loop Insights Inc.) (TSXV: FOBI) (OTCQB: FOBIF) (the
"Company" or "FOBI"), is pleased to announce the
pricing and terms of its previously announced overnight marketed
offering (the "Offering") of units of the Company (the
"Units"). The Offering is being conducted on a commercially
reasonable "best efforts" agency basis for the issuance of
5,600,000 Units at a price of $1.25 per Unit for aggregate gross proceeds
of $7.0 million. Echelon Wealth Partners Inc. (the
"Agent") is acting as the sole agent for the Offering.
Each Unit will consist of one common share of the Company and
one-half of one common share purchase warrant (each whole warrant a
"Warrant"). Each Warrant will entitle the holder to purchase
one Common Share at an exercise price of $1.60 for 24 months from the date of
issuance.
The Company has also granted the Agent an option to purchase up
to an additional 15% of Units, exercisable at any time until 48
hours prior to Closing.
The proceeds from the Offering will be used for general and
corporate working capital purposes, as well as M&A
initiatives.
The Offering is scheduled to close on or about June 30, 2021 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the approval of
the TSX Venture Exchange and the securities regulatory
authorities.
The securities to be offered pursuant to the Offering have not
been, and will not be, registered under the U.S. 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
shall not constitute an offer to sell or the solicitation of an
offer to buy securities in the United
States, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
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.
Forward-Looking Statements/Information:
This news release contains certain statements which
constitute forward-looking statements or information, including
statements relating to the expected size of the Offering, the
anticipated closing date of the Offering, the ability of the
Company to satisfy all conditions to closing the Offering, and 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) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE FOBI AI Inc.