Business
P Squared Renewables Inc. Announces Engagement of Sponsor and Provides Update on Qualifying Transaction with Universal Ibogaine Inc.
(TheNewswire) March 30, 2021 – TheNewswire - Calga...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"P Squared Renewables Inc. Announces Engagement of Sponsor and Provides Update on Qualifying Transaction with Universal Ibogaine Inc.\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n March 30, 2021 –\n \n \n TheNewswire -\n \n \n Calgary, Alberta - P Squared Renewables Inc.\n(TSXV:PSQ.P) (\"\n \n \n PSQ\n \n \n \") a capital pool company, is\n \n \n pleased to announce that it has engaged a\n \n \n Canadian investment banking firm\n \n \n to act as sponsor for its previously announced proposed\nQualifying Transaction (the \"\n \n \n QT\n \n \n \") with\nUniversal Ibogaine Inc. (\"\n \n \n UI\n \n \n \").\n \n \n \n \n The potential sponsor firm is currently\n \n \n in process of undertaking due diligence review procedures,\nfollowing which it intends to deliver a standard\n \n \n sponsorship report in accordance with Policy 2.2 -\n \n \n Sponsorship and Sponsorship\nRequirements\n \n \n , of the TSX Venture Exchange\n \n \n (the \"\n \n \n TSXV\n \n \n \")\n \n \n and at which\npoint PSQ will be in a position to announce the name of the\nsponsor.\n \n \n An agreement to act as sponsor should\nnot be construed as any assurance with respect to the merits of the QT\nor the likelihood of its completion.\n \n \n \n \n Offering of Subscription Receipts by\nPSQ\n \n \n \n \n PSQ is in process of undertaking a non-brokered private\nplacement financing of subscription receipts (\"\n \n \n Subscription Receipts\n \n \n \") which are being offered by 1266855 B.C. Ltd.\n(\"\n \n \n Subco\n \n \n \"), a wholly owned subsidiary of PSQ.  Subco intends to\nissue up to 24,000,000 Subscription Receipts at a price of $0.25 per\nSubscription Receipt for aggregate gross proceeds of up to $6 million\n(the \"\n \n \n Offering\n \n \n \").  PSQ has received to date,\nand is holding in trust, proceeds from initial subscription agreements\nfor the Offering totaling approximately $2.1 million.\n \n \n \n \n The Offering is being completed in connection with the\npreviously announced three-cornered amalgamation (the\n\"\n \n \n Amalgamation\n \n \n \") among PSQ, Subco and UI, which will result in a\nreverse take-over of PSQ by UI.\n \n \n \n \n Completion of the Offering is subject to certain\nconditions including receipt of all regulatory approvals, including\nthe ‎acceptance of the TSXV, and satisfac...