Calgary, AB – TheNewswire – December 20, 2023 – Universal Ibogaine Inc. (TSXV:IBO) (“UI” or the “Company”), a life sciences company with a mission to deliver medicalized ibogaine-centered addiction care, provides the following updates:
Appointment of new auditors
UI advises that MNP LLP (“MNP”) have been appointed as auditors of the Company, effective December 6, 2023, commencing with the fiscal year ended July 31, 2023 (the “Audit”). As indicated in the Company’s prior news release of December 1, 2023, the Company was not able to file on SEDAR its audited financial statements, Managements Discussion & Analysis, and related CEO and CFO filings (the “Required Filings”) for the year ended July 31, 2023, by the required filing due date. MNP is in process of working on the Audit, and UI intends to file the Required Filings in January, 2024.
Private placement of common shares
UI also advises that it is undertaking an offering of up to 100,000,000 common shares at a price of $0.01 per share (the “Offering”) for proceeds of up to $1,000,000. The proceeds from the Offering are intended to be used for general working capital purposes, and completing the Company’s planned ibogaine based clinical trial application with Health Canada, including finalizing a supply agreement for ibogaine to be used in the eventual trials.
Closing of the Offering, and the payment of any finders fees related thereto, is subject to the required approvals of the TSX Venture Exchange. The Company has received initial subscription agreements and funds totalling $125,000 under the Offering.
Vesting and release of Performance Shares
UI advises that it is issuing a total of 300,000 common shares based on certain milestone criteria met for “Performance Shares” which had been reserved for potential issuance by the Company in 2021, prior to the Company’s Qualifying Transaction and Amalgamation, which were effective August 31, 2021. The 300,000 common shares are being issued to two former members of the Board of Directors of the Company, and their entitlement to the remaining 975,000 Performance Shares which had been reserved for potential issuance, was forfeited following their departure from the Company. No Performance Shares now remain reserved for issuance following this current issuance of Performance Shares.
About Universal Ibogaine Inc.
UI is a life sciences company, with a mission to transform addiction treatment using medicalized ibogaine through a planned Canadian clinical trial focused on opioid use disorder, and ultimately to utilize that treatment protocol globally through planned future licensing agreements. UI is concurrently developing a state of the art holistic addiction treatment protocol at its Kelburn Recovery Centre (located near Winnipeg, Manitoba) that, which when paired with the planned ibogaine detox protocol, is intended to revolutionize the way we treat addiction and drastically improve the lives of individuals and families affected by addiction.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements and information. Forward-looking information is frequently characterized by words such as “plans”, “planned”, “expect”, “project”, “intends”, “intended” “will”, “believe”, “anticipate”, “estimate”, “scheduled”, ”potential”, or other similar words, or statements that certain events or conditions “may”, “should” or ”could” occur. The forward-looking statements and information are based on certain key expectations and assumptions made by UI at the date the statements are made. Although UI believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because UI can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, which include, but are not limited to, risks that required regulatory approvals are not obtained. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by UI at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only to conditions as of the date hereof. UI does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Additional information identifying risks and uncertainties that could affect financial results and the Company is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com
For further information:
Nick Karos, CEO
Universal Ibogaine Inc.