IBOGF - Universal Ibogaine Advises of Application for Management Cease Trade Order
(TheNewswire)
Calgary, AB – TheNewswire - November 20, 2023 – Universal Ibogaine Inc.( TSXV:IBO ) (“ UI ” or the “ Company ”), a life sciences company with amission to deliver medicalized ibogaine-centered addiction care,advises that it has made an application to the Alberta SecuritiesCommission (as Principal Regulator) and the British ColumbiaSecurities Commission, to approve a temporary management case tradeorder (“ MCTO ”) under National Policy 12-203 - Cease Trade Orders for ContinuousDisclosure Defaults (“ NP 12-203 ”), which,if granted, will prohibit trading securities of the Company by theChief Executive Officer and Chief Financial Officer of the Companyuntil such time as the Required Filings (defined below) and allcontinuous disclosure requirements have been filed by the Company, andthe MCTO has been lifted. During the period in which the MCTO is ineffect, the general public will continue to be able to trade in theCompany’s listed common shares. The MCTO application has been madebut there is no guarantee or assurance that the MCTO will begranted.
The Company will be unable to file its auditedconsolidated financial statements for the financial year ended July31, 2023 (the “ FinancialStatements ”) and the related management’sdiscussion and analysis and Chief Executive Officer and ChiefFinancial Officer certificates for this period (collectively, with theFinancial Statements, the “ Required Filings ”) before the filingdeadline of November 29, 2023 (the “ Filing Deadline ”).
The delay in the Required Annual Filings is the resultof the Company’s requirement to engage a replacement for DeloitteLLP as auditors. The Company expects to be in a position tocomplete the Required Filings by mid January 2024. The MCTO, ifgranted, will be in effect until the Required Filings arecompleted.
Until the Company completes the Required AnnualFilings, the Company will comply with the alternative informationguidelines set out in NP 12-203 for issuers who have failed to complywith a specified continuous disclosure requirement within thetimelines prescribed by applicable Canadian securities laws. Theguidelines, among other things, require the Company to issue bi-weeklydefault status reports by way of a news release so long as theRequired Filings have not been filed.
About UniversalIbogaine Inc.
UI is a life sciences company, with a mission totransform addiction treatment using medicalized ibogaine through aplanned Canadian clinical trial focused on opioid use disorder, andultimately to utilize that treatment protocol globally through plannedfuture licensing agreements. UI is concurrently developing a state of the art holisticaddiction treatment protocol at its Kelburn Recovery Centre (locatednear Winnipeg, Manitoba) that, which when paired with the plannedibogaine detox protocol, is intended to revolutionize the way we treataddiction and drastically improve the lives of individuals andfamilies affected by addiction.
NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THISRELEASE.
CAUTIONARY STATEMENTREGARDING FORWARD-LOOKING STATEMENTS
?This news release may containforward-looking statements and information. Forward-lookinginformation is frequently characterized by words such ?as"plans", “planned”, "expect","project", "intends", “intended”"will", "believe", "anticipate","estimate", "scheduled",??"potential", or other similar words, or statementsthat certain events or conditions "may", "should"or ??"could" occur. The forward-looking statements andinformation are based on certain key expectations ?and assumptionsmade by UI at the date the statements are made. Although UI believesthat the expectations and assumptions on which theforward-? lookingstatements are based are reasonable, undue reliance should not beplaced on the forward-?looking statements because UI can give noassurance that they will prove to be correct.
Since ?forward-looking statementsaddress future events and conditions, by their very nature theyinvolve ?inherent risks and uncertainties. Actual results coulddiffer materially from those currently anticipated ?due to a numberof factors and risks, which include, but are not limited to, risksthat required ?regulatory approvals are not obtained. The reader iscautioned that assumptions used in the ?preparation of suchinformation, although considered reasonable by UI at the time of?preparation, may prove to be incorrect and readers are cautionednot to place undue reliance on ?forward-looking information, whichspeaks only to conditions as of the date hereof. UI does not?undertake any obligation to release publicly any revisions toforward-looking information contained ?herein to reflect events orcircumstances that occur after the date hereof or to reflect theoccurrence ?of unanticipated events, except as may be required underapplicable securities laws. ?
Additional information identifying risks anduncertainties that could affect financial results and the Company iscontained in the Company’s filings with Canadian securitiesregulators, which are available at www.sedar.com
For furtherinformation:
Nick Karos, CEO
Universal Ibogaine Inc.
612-309-3527
Nick.Karos@universalibogaine.com
InvestorRelations: Dugan Selkirk,IR Manager
dugan.selkirk@universalibogaine.com
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