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Vancouver, BC, Dec. 27, 2024 (GLOBE NEWSWIRE) -- FOBI AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (“ Fobi ” or the “ Company ”) announces that it has applied to its principal regulator, the British Columbia Securities Commission (“ BCSC ”), for a partial revocation order (the “ Partial Revocation Order ”) of the ongoing failure-to-file cease trade order (“ FFCTO ”) ordered by the BCSC on November 1, 2024, in order to complete a non-brokered private placement offering (the “ Proposed Offering ”) of 56,114,400 units of the Company (the “ Units ”) to a single subscriber (the “ Subscriber ”) at a price per Unit of US$0.04 for aggregate gross proceeds of US$2,244,576 on a prospectus exempt basis. Each Unit is comprised of one common share in the capital of the Company (a “ Unit Share ”) and one common share purchase warrant (a “ Unit Warrant ”), each of which is exercisable for the purchase of one additional common share in the capital of the Company at a price of US$0.06 per share for a period of two years from the date of the closing of the Proposed Offering. The proceeds from the Proposed Offering will be used to file the outstanding continuous disclosure documents of the Company, cover essential expenses, and subsequently apply for a full revocation of the FFCTO within a reasonable time, among other things. The Company intends to use the proceeds of the Proposed Offering as described in the table below. Notes: 1.Includes certain amounts payable in U.S. dollars converted to CAD using Bank of Canada exchange rate of 1 USD to 1.4386 CAD on December 24, 2024. 2.US$100,000 converted to CAD using Bank of Canada exchange rate of 1 USD to 1.4386 CAD on December 24, 2024. 3.Based on proceeds of US$2,244,576 using Bank of Canada exchange rate of 1 USD to 1.4386 CAD on December 24, 2024. On closing of the Proposed Offering, the Subscriber is anticipated to hold 19.99% of the issued and outstanding common shares of the Company. The applicable disclosure required under National Instrument 62-103 – The Early Warning System and Related Take Over Bid and Insider Reporting Issues will be included in the press release of the Company announcing the closing of the Proposed Offering. The exercise by the Subscriber of Unit Warrants will be prohibited if such exercise would result in the Subscriber holding 20.0% or more of the issued and outstanding voting securities of the Company. Completion of the Proposed Offering remains conditional on the grant of the Partial Revocation Order by the BCSC, approval of the Proposed Offering by the TSX Venture Exchange (“ TSXV ”), and the execution of a subscription agreement, among other things. The Company anticipates filing (i) audited annual financial statements, management’s discussion and analysis, and related certifications for the year ended June 30, 2024 (“ Annual Filings ”), within 45 days of the closing of the Proposed Offering and (ii) interim financial statements, management’s discussion and analysis, and related certifications for the three months ended September 30, 2024, including certifications thereto (“ Interim Filings ”), within 15 days of the filing of the Annual Filings, at which time the Company intends to apply for a full revocation of the FFCTO. About Fobi Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to action, leverage, and monetize their customer data by powering personalized and data-driven customer experiences, and drives digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale. Fobi works with some of the largest global organizations across retail & CPG, insurance, sports & entertainment, casino gaming, and more. Fobi is a recognized technology and data intelligence leader across North America and Europe, and is the largest data aggregator in Canada's hospitality & tourism industry. For more information, please contact: Forward Looking Statements/Information: This news release contains certain statements which constitute forward-looking statements or information, including statements regarding the terms of the Proposed Offering, the Partial Revocation Order, the intended use of the proceeds of the Proposed Offering, the time to complete the Annual Filings and Interim Filings, and other statements characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur . Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including, without limitation, market competition, the impact of general economic and industry conditions, competition, stock market volatility, BCSC and TSXV approval conditions, 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. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: Fobi not receiving approval of the TSXV with respect to any future issuances of securities as required; and changes to volatile exchange rates, market conditions, market competition and other economic and market factors. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. 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, and 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.Motor racing-GM agrees deal to enter F1 with Cadillac in 2026Nancy Pelosi in hospital after suffering injury during overseas tripVALLEY FORGE, Pa. , Nov. 22, 2024 /PRNewswire/ -- Today, Vanguard announced plans to launch two new ETFs in the first quarter of 2025 intended to help investors manage their short-term liquidity needs. Vanguard Ultra-Short Treasury ETF (VGUS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL) are index ETFs that will offer low-cost Treasury exposure for individual investors and financial advisors. Both new ETFs can serve as part of an investor's liquidity tool kit, as both will offer exposure to U.S. Treasury securities, have short durations and low volatility, and are expected to have tight bid-ask spreads. VGUS will hold Treasuries with maturities less than 12 months, while VBIL will focus on Treasury bills maturing in three months or less. VGUS and VBIL are both expected to launch with an expense ratio of 0.07%, which will position each ETF as the low-cost leader in its respective category. "VGUS and VBIL can be a solution for those who rely on ultra-short bond funds and ETFs to manage their liquidity needs," said Daniel Reyes , Global Head of Vanguard Portfolio Review Department. "These new ultra-short Treasury ETFs fill the gap between Vanguard's money market funds and our existing ultra-short-term bond offerings, enabling investors to build portfolios with greater precision using Vanguard ETFs." The new ETFs will be advised by Vanguard Fixed Income Group, which for more than 40 years has distinguished itself with deep investment capabilities, disciplined index tracking processes, and rigorous risk management techniques. Vanguard Fixed Income Group has been managing index funds since 1986, when it launched Vanguard Total Bond Market Index Fund, the world's first bond index fund. Its world-class fixed income indexing talent is supported by sophisticated technology and investment processes that enable tight tracking for Vanguard's index funds and ETFs. About Vanguard Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is considered a criminal offense. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. For more information about Vanguard funds and Vanguard ETFs, visit vanguard.com or call 800-523-1036 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. All investing is subject to risk, including the possible loss of the money you invest. Bond funds are subject to interest rate risk, which is the chance bond prices overall will decline because of rising interest rates, and credit risk, which is the chance a bond issuer will fail to pay interest and principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. U.S. government backing of Treasury or agency securities applies only to the underlying securities and does not prevent share-price fluctuations. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest. © 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. SOURCE Vanguard