IBO:CC - Universal Ibogaine Announces Closing of Offering of Convertible Debt Securities
(TheNewswire)
Calgary, AB – TheNewswire - April 13, 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 processed a closing of $180,000 under itspreviously announced (see News Release of March 16, 2023) offering ofconvertible debt securities (the “ Offering ”). TheOffering consisted of “Secured Guarantee Convertible Notes” (the“ Notes ”) which bear interest at 8% (payable quarterly), and havea maturity of 3 years from the Closing of theOffering. Closing of the Offering, and the payment of any findersfees related thereto, is subject to the required final approvals ofthe TSX Venture Exchange.
On a future conversion, the holder of the Notes willreceive one “ Unit ” comprised of one UI common share and aone-half common share purchase warrant (a “ Warrant ”). TheNotes will have a conversion price of $0.05 per common share in year 1after Closing, $0.10 for year 2, and $0.15 for year 3. Each whole Warrant that will become issued on a futureconversion will have an escalating annual exercise price which will be$0.05 if exercised in year 1 (after Closing), $0.13 if exercised inyear 2, and $0.18 if exercised in year 3 after Closing.
The proceeds from the Offering are intended to be usedin completing the Company’s planned ibogaine based clinical trialapplication with Health Canada, and for general working capitalpurposes.
Nick Karos, UI CEO, noted “we continue discussionswith other interested parties and intend to apply to the TSXV toproceed with an additional Offering under the same terms. Our goalis to shortly finalize additional funding commitments to allow UI toadvance to its next stage of development in our ultimate goal ofhaving ibogaine medicalized and accepted for eventual wide-scale usein addiction treatments.”
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 is cautioned thatassumptions used in the ?preparation of such information, althoughconsidered reasonable by UI at the time of ?preparation, may proveto be incorrect and readers are cautioned not to place undue relianceon ?forward-looking information, which speaks only to conditions asof the date hereof. UI does not ?undertake any obligation torelease publicly any revisions to forward-looking informationcontained ?herein to reflect events or circumstances that occurafter the date hereof or to reflect the occurrence ?of unanticipatedevents, except as may be required under applicable securities laws.?
For furtherinformation:
InvestorRelations: Dugan Selkirk,IR Manager
dugan.selkirk@universalibogaine.com
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