(TheNewswire)
Calgary, AB – TheNewswire - November 26, 2024 – Universal Ibogaine Inc. (TSXV:IBO) (“UI” or the “Company”), a life sciences company with a mission to research and deliver medicalized ibogaine-centered addiction care, is pleased to advise that it has received an offer to purchase (the “Offer”) its undeveloped 20-acre island property in Belize (the “Property”) for USD 300,000.
The Offer is to purchase the shares of Universal Ibogaine Belize Ltd. (“UIBL”), which holds title to the Property, has no operations, and is an inactive, wholly-owned subsidiary of the Company. The Offer was made by an individual who is a Belize resident, who serves as a Director of UIBL, and has not been involved in any decision making or other capacity with UI. The Offer has an expected closing date of December 6, 2024, is subject to receipt of any necessary regulatory approvals (including that of the TSX Venture Exchange) and includes a non-refundable deposit of USD 30,000 due by November 27 (the “Intended Sale”).
The Property was originally acquired by the Company in 2020 as part of a potential plan to establish a rehabilitation and recovery treatment facility on the island. The Property has been listed for sale for several years after it became a non-core asset when UI determined that it would not proceed with that plan and instead would focus on developing its Kelburn Recovery Centre, an addiction treatment facility located near Winnipeg, Manitoba, Canada, as well as establishing a clinical trial application for the use of ibogaine in addiction recovery programs.
Nick Karos, CEO and Director, noted “the Belize Property is a non-core, legacy asset, the sale of which will provide the Company with a needed source of additional financing as we continue to advance our current plans”.
Management Cease Trade Order (“MCTO”)
At the request of the Alberta Securities Commission (the “ASC”, the Company’s Principal Regulator) the Company advises of the following additional points related to its prior News Release of November 18, 2024 regarding its application to the ASC for a MCTO:
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The Company is not subject to any insolvency proceedings;
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There is no other material information related to the Company that has not already been generally disclosed; and
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UI intends to remedy the current deficiency in the Required Filings by using a portion of the net proceeds from closing of the Intended Sale to complete the audit of the year ended July 31, 2024.
As was previously advised, UI requested the ASC to approve a temporary MCTO under National Policy 12-203 – Management Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”), which, if granted, will prohibit trading securities of the Company by the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of the Company until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is in effect, the general public will continue to be able to trade in the Company’s listed common shares.
The Company is unable to file its audited consolidated financial statements for the financial year ended July 31, 2024 (the “Financial Statements”) and the related management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, with the Financial Statements, the “Required Filings”) by the filing deadline of on or before November 28, 2024 (the “Filing Deadline”).
The delay in the Required Filings is the result of the Company currently having limited financial resources to complete the audit of the Financial Statements. The Company expects to rectify this situation in the near term and expects to be in a position to complete the Required Filings, as well as those for the Q1 interim 3-month period ended October 31, 2024, by January 27, 2025.
The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted. The MCTO, if granted, will be in effect until the Required Filings are completed.
Until the Company completes the Required Annual Filings, the Company will comply with the alternative information guidelines set out in NP 12-203 for issuers who have failed to comply with a specified continuous disclosure requirement within the timelines prescribed by applicable Canadian securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Filings have not been filed.
This News Release has been approved by the CEO of the Company.
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 utilize that treatment protocol globally through planned future licensing agreements. UI is concurrently developing a state of the art holistic addiction treatment protocol at its Kelburn Recovery Centre (located near Winnipeg, Manitoba) that, which when paired with the planned ibogaine detox protocol, is intended to revolutionize the way we treat addiction and drastically improve the lives of individuals and families affected by addiction.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements and information. Forward-looking information is frequently characterized by words such as "plans", “planned”, "expect", "project", "intends", “intended” "will", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur. The forward-looking statements and information are based on certain key expectations and assumptions made by UI at the date the statements are made. Although UI believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because UI can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they 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 regulatory approvals are not obtained. The reader is cautioned that assumptions used in the preparation of such information, although considered 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 to conditions as of the date hereof. UI does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Additional information identifying risks and uncertainties that could affect financial results and the Company is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com
For further information:
Nick Karos, CEO
Universal Ibogaine Inc.
612-309-3527
Nick.Karos@universalibogaine.com
Investor Relations: Dugan Selkirk, IR Manager
dugan.selkirk@universalibogaine.com
Related Links
https://universalibogaine.com
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