Calgary, AB – February 7, 2023 – Universal Ibogaine Inc. (TSXV:IBO) (“UI” or the “Company”), a life sciences company with a mission to deliver medicalized ibogaine-centered addiction care, is pleased to announce the closing of its previously announced (see news release of December 20, 2023) non-brokered private placement (the “Placement”) of common shares, and has issued 41,719,250 common shares at a price of $0.01 per share for gross proceeds of $417,192.
The Company also advises that it has completed the filing on SEDAR of its required reports (unaudited consolidated financial statements, MD&A, and CEO and CFO certifications) for the Q1 interim 3-month period ended October 31, 2023.
The Company intends to use the proceeds of the Placement for various purposes, including approximately as follows:
- Advancing the planned ibogaine-based clinical trial application with Health Canada, including finalizing a supply agreement for ibogaine to be used in the eventual trials $ 30,000
- To fund audit fees and SEDAR filing costs required for the Company’s
- fiscal year ended July 31, 2023 135,000
- Payment of accounts payable to non-arm’s length creditors, including arrears
- payroll and consulting fees owed (to the Company’s CEO, for CFO and
- accounting services, and to the head of the Company’s addiction treatment clinic) 151,000
- Payment of arms length accounts payable 35,000
- General corporate purposes 66,192
Completion of the Placement remains subject to the final approval of the TSX Venture Exchange (“TSXV”). All securities issued in connection with the Offering will be subject to a four‐month hold period as required by the rules of the TSXV and Canadian Securities Laws, as well as any required hold periods under US Securities Laws for US resident purchasers.
This news release has been approved by the CEO of the Company.
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.
612-309-3527
