IBO:CC - Universal Ibogaine provides update on prior application for Management Cease Trade Order
(TheNewswire)
Calgary, AB - TheNewswire - December 1, 2023 - Universal Ibogaine Inc. ( TSXV:IBO ) (“ UI ” or the“ Company ”), a life sciences company with a mission to delivermedicalized ibogaine-centered addiction care, advises of the followingupdate and revision to its prior news release which was issued onNovember 20, 2023.
At that time, UI had advised that it has made anapplication to the Alberta Securities Commission (as PrincipalRegulator) and the British Columbia Securities Commission, to approvea temporary management case trade order (“ MCTO ”) underNational Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (“ NP12-203 ”), which, if granted, will prohibittrading securities of the Company by the Chief Executive Officer andChief Financial Officer of the Company until such time as the RequiredFilings (defined below) and all continuous disclosure requirementshave been filed by the Company, and the MCTO has been lifted. Duringthe period in which the MCTO is in effect, the general public willcontinue to be able to trade in the Company’s listed common shares.
There is no guarantee or assurance that the MCTOapplication will be approved, and if granted, the MCTO will be ineffect until the Required Filings are completed.
The Company was unableto file its audited consolidated financial statements for thefinancial year ended July 31, 2023 (the “ Financial Statements ”) and the related management’s discussion and analysisand Chief Executive Officer and Chief Financial Officer certificatesfor this period (collectively, with the Financial Statements, the“ RequiredFilings ”) before the filing deadline ofNovember 28, 2023 (the “ Filing Deadline ”, which had beeninadvertently noted previously as November 29, 2023).
The delay in the Required Annual Filings is the resultof the Company’s requirement to engage a replacement for DeloitteLLP as auditors. UI is not subject to anyinsolvency proceedings, and there is no material information that hasnot been disclosed. UI expects to be in aposition to complete the Required Filings by January 18, 2024. UI isfinalizing timing with its new auditor firm, and will be working withthem throughout December and early January to complete the audit ofthe Financial Statements as required.
Until the Company completes the Required AnnualFilings, the Company will comply with the alternative informationguidelines set out in NP 12-203 for issuers who have failed to complywith a specified continuous disclosure requirement within thetimelines prescribed by applicable Canadian securities laws. Theguidelines, among other things, require the Company to issue bi-weeklydefault status reports by way of a news release so long as theRequired Filings have not been filed.
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 and information are based oncertain key expectations ?and assumptions made by UI at the date thestatements are made. 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.
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
Related Links
Copyright (c) 2023 TheNewswire - All rights reserved.