07:06 AM EST, 12/30/2024 (MT Newswires) -- FOBI AI ( FOBIF ) over the weekend said it has applied to the British Columbia Securities Commission to complete a US$2.2 million non-brokered private pavement.

The offering is for roughly 56.1 million units to a single subscriber at US$0.04 per unit.

Each unit is composed of one common share and one common share purchase warrant, exercisable for the purchase of one additional common share at US$0.06 apiece for a two-year period from the offering's closing date.

Proceeds will be used to file the company's outstanding continuous disclosure documents, cover essential expenses and apply for a full revocation of the failure-to-file cease trade order, among other things.

At the offering's closing, the subscriber will hold 20% of FOBI AI's ( FOBIF ) issued and outstanding common shares.

The private placement is conditional on the Commission granting the partial revocation of an ongoing failure-to-file cease trade order as well as the approval by the TSX Venture Exchange and the execution of a subscription agreement, among other things.

The company anticipates filing audited annual financial statements, management's discussion and analysis, and related certifications for the year ended June 30, 2024, within 45 days of the offering's closing; and interim financial statements, management's discussion and analysis, and related certifications for the three months ended Sept. 30, 2024, within 15 days of the filing of the annual filings.