Fobi Website: Rob Anson, CEO Facebook: @ Fobiinc T : +1 877-754-5336 Ext.3 Twitter: @ Fobi_inc E: ir@fobi.ai LinkedIn: @ Fobiinc Forward Looking Statements/Information: This news release contains certain statements which constitute forward-looking statements or information, including statements regarding the terms of the Revised Offering, the Second Variation Order, the intended use of the proceeds of the Revised 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.
At the request of the Exchange, the Company is now seeking to further vary the Partial Revocation Order solely to revise the Conversion Price of the Debentures from C$0.06 per Common Share for the entire term of the Debentures to a revised conversion price (the "Revised Conversion Price”) of (i) C$0.06 per Unit before the date that is the one year anniversary of the closing date of the Revised Offering and (ii) C$0.10 per Unit on or after the date that is the one year anniversary of the closing date of the Revised Offering and before the Maturity Date, subject to the policies of the Exchange.
Vancouver, BC, March 03, 2025 (GLOBE NEWSWIRE) -- FOBI AI Inc.(FOBI:TSXV) (FOBIF:OTCQB) ("Fobi” or the "Company”) announces that, further to its news releases dated December 24, 2025, and February 12, 2025, it has applied to its principal regulator, the British Columbia Securities Commission ("BCSC”), for a variation order (the "Second Variation Order”) to the partial revocation order granted by the BCSC on December 30, 2024 (the "Partial Revocation Order”), as varied by a variation order granted by the BCSC on February 14, 2025 (the "First Variation Order”), in respect of the ongoing failure-to-file cease trade order ("FFCTO”) ordered by the BCSC on November 1, 2024, solely to change the conversion price of the convertible debentures under the Company’s proposed private placement offering as detailed below.
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