IBO:CC - Universal Ibogaine Advises of Appointment of New Auditors and Private Placement
(TheNewswire)
Calgary, AB – TheNewswire - December 20, 2023 – Universal Ibogaine Inc.( TSXV:IBO ) (“ UI ” or the “ Company ”), a life sciences company with amission to deliver medicalized ibogaine-centered addiction care,provides the following updates:
Appointment of new auditors
UI advises that MNP LLP (“ MNP ”) have beenappointed 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 ofDecember 1, 2023, the Company was not able to file on SEDAR itsaudited 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 filethe Required Filings in January, 2024.
Private placement of common shares
UI also advises that it is undertaking an offering ofup 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 fromthe Offering are intended to be used for general working capitalpurposes, and completing the Company’s planned ibogaine basedclinical trial application with Health Canada, including finalizing asupply agreement for ibogaine to be used in the eventualtrials.
Closing of the Offering, and the payment of any findersfees related thereto, is subject to the required approvals of the TSXVenture Exchange. The Company has received initial subscriptionagreements 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 commonshares 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 arebeing issued to two former members of the Board of Directors of theCompany, and their entitlement to the remaining 975,000 PerformanceShares which had been reserved for potential issuance, was forfeitedfollowing their departure from the Company. No Performance Sharesnow remain reserved for issuance following this current issuance ofPerformance Shares.
This news release has been approved by the CEO of theCompany.
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 the forward-?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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