Calgary, AB – TheNewswire – April 13, 2023 – Universal Ibogaine Inc. (TSXV:IBO) (“UI” or the “Company”), a life sciences company with a mission to deliver medicalized ibogaine-centered addiction care, advises that it has processed a closing of $180,000 under its previously announced (see News Release of March 16, 2023) offering of convertible debt securities (the “Offering”). The Offering consisted of “Secured Guarantee Convertible Notes” (the “Notes”) which bear interest at 8% (payable quarterly), and have a maturity of 3 years from the Closing of the Offering. Closing of the Offering, and the payment of any finders fees related thereto, is subject to the required final approvals of the TSX Venture Exchange.
On a future conversion, the holder of the Notes will receive one “Unit” comprised of one UI common share and a one-half common share purchase warrant (a “Warrant”). The Notes will have a conversion price of $0.05 per common share in year 1 after Closing, $0.10 for year 2, and $0.15 for year 3. Each whole Warrant that will become issued on a future conversion will have an escalating annual exercise price which will be $0.05 if exercised in year 1 (after Closing), $0.13 if exercised in year 2, and $0.18 if exercised in year 3 after Closing.
The proceeds from the Offering are intended to be used in completing the Company’s planned ibogaine based clinical trial application with Health Canada, and for general working capital purposes.
Nick Karos, UI CEO, noted “we continue discussions with other interested parties and intend to apply to the TSXV to proceed with an additional Offering under the same terms. Our goal is to shortly finalize additional funding commitments to allow UI to advance to its next stage of development in our ultimate goal of having ibogaine medicalized and accepted for eventual wide-scale use in addiction treatments.”
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. 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.
For further information:
Investor Relations: Dugan Selkirk, Investor Relations