IBOGF - Universal Ibogaine announces agreement for the sale of Belize island property
(TheNewswire)
Calgary, AB – TheNewswire - March 30, 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 reached an agreement (the “ Offer ”) to sell its20-acre undeveloped island property located in Belize (the“ Property ”) for USD 1,300,000. A summary of the terms of the saletransaction follows:
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The Property is owned by Universal Ibogaine Belize Ltd.( UIBL ”), a wholly owned subsidiary of the Company, and consistsof 4 separate undeveloped blocks totalling approximately 20 acres onAmbergris Caye, Belize. It was acquired in fall 2020, prior to thecompletion of the Company’s August 31, 2021 reverse-take-over andgo-public transaction, and was originally intended to be used as asite for a potential addiction treatment / follow-on carefacility.
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The Offer consists of cash of USD 450,000 and USD850,000 payable in the form of a 7% vendor-take-back note (the Note ”)which is to be repaid by no later than January 15, 2027.
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The cash portion of the Offer consists of a deposit ofUSD 20,000, which is to become non-refundable on May 15, 2023(following completion of the Purchaser’s due diligence period) andUSD 430,000 which will be due at the scheduled “ Closing ” of thesale on or before June 15, 2023.
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The Purchaser (Capella Holdings Ltd.) is a privately held,arms-length, Belize based development entity, and will be granted anoption to develop (and ultimately sell) up to 60sub-divided parcels on the Property.
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If any individual parcels are sold by Purchaser prior to the January15, 2027 due date of the Note, for each such parcel sold, Purchasershall pay as a reduction of the Note balance the greater of (i) USD40,000 or (ii) 30% of proceeds from sale of such sub-divided parcels. UI will retain title to the Property until the Noteis ultimately repaid.
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Purchaser will be responsible for all closing costs(other than UIBL’s 10% real estate commission and the local salestax thereon, and UIBL legal fees) and payment of the ongoing annualproperty taxes due on the Property after Closing.
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Closing of the sale, planned for June 15, 2023, will be subject tocompletion of due diligence by the Purchaser, and receipt of anynecessary approvals by the TSX Venture Exchange and local Belizeregulatory authorities.
Nick Karos, UI CEO, noted “the Belize Property isnon-core to our current business plans for addiction treatment and theultimate undertaking of ibogaine clinical trials, and we are pleasedto have reached an agreement for its sale, as it will provide us witha non-dilutive source of additional funding.”
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. Although UI believes that the expectations andassumptions on which the forward-?looking statements are based arereasonable, undue reliance should not be placed on theforward-?looking statements because UI can give no assurance thatthey 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. ?
For furtherinformation:
InvestorRelations: Dugan Selkirk,IR Manager
dugan.selkirk@universalibogaine.com
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