Calgary, Alberta – P Squared Renewables Inc. (TSXV: PSQ.P) (“PSQ” or the “Company“) a capital pool company, and Universal Ibogaine Inc. (“UI“) are pleased to announce that PSQ has SEDAR filed its filing statement in respect of its previously announced Qualifying Transaction (as defined under TSXV Policy 2.4) with UI whereby PSQ will acquire all of the outstanding shares of UI by way of a three-corner amalgamation among PSQ, UI and 1266855 B.C. Ltd. (“Subco“), a wholly-owned subsidiary of PSQ (the “Transaction“). Please refer to PSQ’s SEDAR profile at www.sedar.com for a copy of the Filing Statement.
It is expected that the non-brokered private placement of subscription receipts (“Subscription Receipts“) being undertaken by 1266855 B.C. Ltd. (“Subco“), a wholly owned subsidiary of PSQ, of up to 24,000,000 Subscription Receipts at a price of $0.25 per Subscription Receipt for aggregate gross proceeds of up to $6,000,000 (the “Offering”) will be completed on August 31, 2021. The termination time from 5:00 p.m. (Calgary time) for the Subscription Receipts had been extended from on July 31, 2021 to 5:00 p.m. (Calgary time) on August 31, 2021.
It is also expected that the Transaction will be completed on August 31, 2021.
Shortly after closing the Transaction, the resulting issuer is expected to change its name to Universal Ibogaine Inc. and commence trading on the TSXV under the trading symbol “IBO”.