Universal Ibogaine Undertaking Placement of convertible debt and common stock

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(via TheNewswire)

Calgary, Alta.TheNewswire –October 3, 2022Universal Ibogaine Inc.(TSXV: PCI) (“user interface“or the”Company“), a life sciences company with a mission to provide medical care centered on ibogaine, announces that it is in the process of finalizing an offer (the “Offer”) of convertible debt securities. The Offering will consist of “Secured Convertible Bonds” (the “Remarks”) which will bear interest at the rate of 8% (payable quarterly) and willmaturity of 3 years from the Closing of the Offer. The closing of the offering and the payment of any finder’s fee relating thereto are subject to the required approvals of the TSX Venture Exchange.

Upon future conversion, the Notes holder will receive a “Unityconsisting of one common share of UI and one-half common share purchase warrant (a “To guarantee”). The Notes will have a conversion price of $0.10 per common share in 1 year after closing, $0.15 for year 2, and $0.20 for year 3. Each whole warrant will have an increasing annual exercise price which will be $0.20 in case of conversion in year 1 (after Closing), $0.40 if converted to Year 2, and $0.50 if converted in year 3 after closing. The Notes will be subordinated to the Company’s existing mortgage on the Kelburn Recovery Center and a general security agreement will be issued as part of the closing by UI’s wholly-owned British Columbia-based subsidiary (which in turn has the company’s Kelburn Recovery Center drug treatment clinic nearby Winnipeg and a 20-acre undeveloped land project at Belize).

The proceeds of the offering are intended to be used to supplement the Company’s planned ibogaine-based clinical trial application with Health Canadaincluding finalizing a supply agreement for ibogaine for use in eventual trials, and for general working capital purposes.

Nick KarosCEO of UI, said “we are pleased to have generated support for this offering, for which we intend to finalize commitments shortly for a funding goal of up to $15 million. This funding will help advance the UI to its next stage of development in our ultimate goal of having ibogaine medicalized and accepted for wide-scale use in addiction treatments.

In addition to the convertible debenture, UI intends to undertake a private placement of up to 15 million common shares at a price of $0.025 per ordinary share.

About Universal Ibogaine Inc.

UI is a life sciences company,with a mission to transform addiction treatment using medicalized ibogaine through a planned Canadian clinical trial focused on opioid use disorder, and ultimately to use this protocol globally through planned future license agreements. UI is simultaneously developing a state-of-the-art holistic addiction treatment protocol at its Kelburn recovery center which, when combined with the planned ibogaine detox protocol, aims to revolutionize the way we treat addiction. addiction and significantly improve the lives of individuals and families affected by addiction.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

‎This press release may contain forward-looking statements and information. Forward-looking information is often characterized by words such as “plans”, “expects”, “projects”, “intends”, “will”, “believes”, “anticipates”, “estimates”, “expected”, ‎‎ “potential”, or other similar words, or statements that certain events or conditions “may”, “should” or “could” occur. Forward-looking statements and information are based on certain key expectations and assumptions made by UI. Although UI believes that the expectations and assumptions on which forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements, as UI cannot guarantee that they will prove to be accurate.

Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, which include, but are not limited to, risks that required regulatoryapprovals are not obtained. Readers are cautioned that the assumptions used in the preparation of this information, although believed to be reasonable by UI at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only under the conditions in force on the date hereof. UI undertakes no obligation to publicly release any revisions to the forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unforeseen events, except as may be required in under applicable securities laws. . ‎

For more information:

Investor Relations:Dugan SelkirkIR manager

[email protected]

Related links

https://universalibogaine.com

Copyright (c) 2022 TheNewswire – All Rights Reserved.

Copyright (c) 2022 TheNewswire – All rights reserved., source Press Releases

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