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## Fobi AI Inc. Private Placement Announcement

VANCOUVER, BC, Feb. 28, 2024 (GLOBE NEWSWIRE) — Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading AI and data intelligence company focused on digital transformation, is excited to announce the completion of a non-brokered private placement offering (the “Offering”) of 7,603,569 units of the Company (“Units”) at a price per Unit of $0.07, resulting in gross proceeds of $532,250.

### CEO’s Comments

Rob Anson, Chief Executive Officer of the Company, expressed his gratitude for the support received during the offering process. He highlighted the challenges of fundraising in today’s market and the overwhelming interest in the listed issuer financing exemption. Anson also acknowledged the demand for an additional private placement and the Company’s successful completion of both the LIFE offering and the concurrent non-LIFE private placement. This success demonstrates the strong support and confidence in the Company’s direction and future, providing a solid financial foundation for future growth.

### Unit Details

Each Unit comprises one (1) common share in the Company and one (1) common share purchase warrant (a ÔÇ£WarrantÔÇØ). The Warrant allows the holder to purchase an additional Common Share at an exercise price of C$0.14.

### Use of Proceeds

The net proceeds from the Offering will be allocated towards sales and marketing, product expansion, market integration, and general working capital and corporate expenses.

### Insider Participation

Directors and Officers of the Company, including Peter Green, Jeffrey Hyman, and Gavin Lee, participated in the Offering, making it a related party transaction under Multilateral Instrument 61-101. The Company is exempt from obtaining a formal valuation and minority approval due to compliance with MI 61-101 regulations.

### Cautionary Statement

This press release contains forward-looking information regarding the Company’s prospects, financial position, and business strategies. While based on reasonable assumptions, actual results may differ due to various risks and uncertainties.

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