IBO:CC - Universal Ibogaine Announces Closing of Private Placement
(TheNewswire)
Vancouver, BC / December 1, 2022 / Universal IbogaineInc. (the “Company”) (TSXV: IBO) is pleased to announce that ithas closed its non-brokered private placement of convertible notes(the “Notes”) previously announced on October 3, 2022. (the“Debt Offering”) The Company has issued Notes in the aggregateprincipal amount of $626,500 CAD. The Notes shall mature 3 years fromthe date of issuance and shall pay interest at a rate of 8% per annum,payable quarterly from the date of issuance. The Notes will beconvertible into units (the “Units”) at a conversion price of 10cents per Unit in year one after closing, 15 cents per Unit for yeartwo and 20 cents per Unit for year three. Each Unit will consist ofone common share and one half of one warrant. Each whole warrant willhave an escalating annual exercise price which will be 20 cents ifconverted in year one (after closing), 40 cents if converted in yeartwo and 50 cents if converted in year three after closing. Thewarrants will expire 2 years from the date of conversion. The maturitydate of the notes is December 1, 2024.
Mr. Ian Rabb who is an officer of the Company is also adirector and officer of a charitable corporation that invested in theNotes.
The proceeds from the Debt Offering are intended to beused in completing the company's planned ibogaine-based clinical trialapplication with Health Canada, including finalizing a supplyagreement for ibogaine to be used in the eventual trials, and forgeneral working capital purposes.
The Company also announces the closing of itsnon-brokered private placement of common shares (the “Shares”).The Company issued 400,000 Shares at a price of $0.025 per share fortotal proceeds of $10,000 (the “Equity Offering”).
Th proceeds from the Equity Offering will be used tofund upgrades to and the uninsured portion of certain costs related toprior flooding damage at the Company’s Kelburn Recovery Centre inWinnipeg.
The Notes issued under the Debt Offering, and anyCommon Shares issuable upon conversion of such Notes, and the Sharesissued under the Equity Offering are subject to a four month and oneday hold period expiring April 2, 2023.
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 protocol globally through planned futurelicensing agreements. UIis concurrently developing a state of the art holistic addictiontreatment protocol at its Kelburn Recovery Centre that, which whenpaired with the planned ibogaine detox protocol, is intended torevolutionize the way we treat addiction and drastically improve thelives of individuals and families affected byaddiction.
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", "expect", "project","intend", "will", "believe","anticipate", "estimate", "scheduled",??"potential", or other similar words, or statementsthat certain events or conditions "may", "should"or ??"could" occur.? The forward-looking statementsand information are based on certain key expectations ?andassumptions made by UI.? Although UI believes that the expectationsand assumptions on whichthe forward-?looking statements are based are reasonable, unduereliance should not be placed on the forward-?looking statementsbecause UI can give no assurance that they will prove to becorrect.
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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