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 received conditional approval from the TSX Venture Exchange (“TSXV“) for its previously announced Qualifying Transaction (the “Transaction“, as defined under TSX.V Policy 2.4) with UI. Pursuant to the Transaction, 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, and PSQ will subsequently change its name to “Universal Ibogaine Inc.”
PSQ and UI are diligently working towards closing the Transaction on a timely basis, as well as short-term closing of the previously announced:
- concurrent non-brokered private placement Offering of $6 million of Subscription Receipt Units issued by Subco (the “Offering”), and
- the acquisition by UI of the Kelburn Mental Health & Addiction Recovery Centre (the “Kelburn Clinic”), an addiction treatment centre operating near Winnipeg, Manitoba.
Subco has received fully funded subscription agreements (either directly or held in broker accounts) for a total of $5.5 million under the Offering, and intends to complete an initial closing of the Offering on or before July 27, 2021.
Dr. Rami Batal, CEO of UI, noted “we are pleased to be within reach of completing the go-public Transaction. Arriving at this milestone will strengthen and accelerate our push toward tackling the growing addiction problem by applying innovative, evidence-based, treatments and state-of-the-art care models.”
The Transaction is expected to formally close once final documentation is filed with the TSX.V, following which the resulting issuer would commence trading on the TSXV under the intended trading symbol “IBO”.