IBOGF - Universal Ibogaine Advises of Closing of Private Placement Financing
(TheNewswire)
Calgary, AB – TheNewswire - February 7, 2023 – Universal Ibogaine Inc.( TSXV:IBO ) (“ UI ” or the “ Company ”), a life sciences company with amission to deliver medicalized ibogaine-centered addiction care, ispleased to announce the closing of its previously announced (see newsrelease of December 20, 2023) non-brokered private placement (the“ Placement ”) of common shares, and has issued 41,719,250 commonshares at a price of $0.01 per share for gross proceeds of$417,192.
The Company also advises that it has completed thefiling on SEDAR of its required reports (unaudited consolidatedfinancial statements, MD&A, and CEO and CFO certifications) forthe Q1 interim 3-month period ended October 31, 2023.
The Company intends to use the proceeds of thePlacement for various purposes, including approximately asfollows:
| Advancing the planned ibogaine-based clinical trialapplication with Health Canada, including finalizing a supplyagreement for ibogaine to be used in the eventual trials |
| |
| To fund audit fees and SEDAR filing costs required forthe Company’s |
| |
| Payment of accounts payable to non-arm’s lengthcreditors, including arrears payroll and consulting fees owed (to theCompany’s CEO, for CFO and accounting services, and to the head ofthe Company’s addiction treatment clinic) |
| |
| Payment of arms length accounts payable |
| 35,000 |
| General corporate purposes |
| 66,192 |
| 417,192 |
Completion of the Placement remains subject to thefinal approval of the TSX Venture Exchange (“ TSXV ”). Allsecurities issued in connection with the Offering will be subject to afour ? month hold periodas required by the rules of the TSXV and Canadian Securities Laws, aswell as any required hold periods under US Securities Laws for USresident purchasers.
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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