Vancouver, BC / December 1, 2022 / Universal Ibogaine Inc. (the “Company”) (TSXV: IBO) is pleased to announce that it has closed its non-brokered private placement of convertible notes (the “Notes”) previously announced on October 3, 2022. (the “Debt Offering”) The Company has issued Notes in the aggregate principal amount of $626,500 CAD. The Notes shall mature 3 years from the date of issuance and shall pay interest at a rate of 8% per annum, payable quarterly from the date of issuance. The Notes will be convertible into units (the “Units”) at a conversion price of 10 cents per Unit in year one after closing, 15 cents per Unit for year two and 20 cents per Unit for year three. Each Unit will consist of one common share and one half of one warrant. Each whole warrant will have an escalating annual exercise price which will be 20 cents if converted in year one (after closing), 40 cents if converted in year two and 50 cents if converted in year three after closing. The warrants will expire 2 years from the date of conversion. The maturity date of the notes is December 1, 2024.
Mr. Ian Rabb who is an officer of the Company is also a director and officer of a charitable corporation that invested in the Notes.
The proceeds from the Debt Offering are intended to be used in 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, and for general working capital purposes.
The Company also announces the closing of its non-brokered private placement of common shares (the “Shares”). The Company issued 400,000 Shares at a price of $0.025 per share for total proceeds of $10,000 (the “Equity Offering”).
Th proceeds from the Equity Offering will be used to fund upgrades to and the uninsured portion of certain costs related to prior flooding damage at the Company’s Kelburn Recovery Centre in Winnipeg.
The Notes issued under the Debt Offering, and any Common Shares issuable upon conversion of such Notes, and the Shares issued under the Equity Offering are subject to a four month and one day hold period expiring April 2, 2023.
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 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 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”, “expect”, “project”, “intend”, “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, IR Manager