Business
P Squared Renewables Inc. Announces Subscription Receipt Financing, Upsize to Bridge Financing and Transition to New CPC Policy
(TheNewswire) January 26, 2021 - TheNewswire - Calgary, Alber...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"P Squared Renewables Inc. Announces Subscription Receipt Financing, Upsize to Bridge Financing and Transition to New CPC Policy\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n January 26, 2021 - TheNewswire -\n \n \n Calgary, Alberta - P Squared Renewables Inc.\n(TSXV:\n \n \n PSQ.P) (\"\n \n \n PSQ\n \n \n \") a capital\npool company, is pleased to announce that 1266855 B.C. Ltd.\n(\"\n \n \n Subco\n \n \n \"), a wholly owned subsidiary of PSQ, is undertaking a\nnon-brokered private placement of subscription receipts (the\n\"\n \n \n Subscription\nReceipts\n \n \n \") at a price of $0.25 per\nSubscription Receipt for aggregate gross proceeds of up to $2,000,000\n(the \"\n \n \n Offering\n \n \n \").\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 Universal Ibogaine Inc.\n(\"\n \n \n UI\n \n \n \"), which will result in a reverse take-over of PSQ by\nUI and, subject to the approval of the TSX Venture Exchange (the\n\"\n \n \n TSXV\n \n \n \"), will constitute PSQ's qualifying transaction (the\n\"\n \n \n QT\n \n \n \"). Please refer to PSQ’s prior news releases dated\nJune 2, 2020, September 15, 2020 and October 9, 2020 for further\ninformation in respect of the QT, which will include a separate\nplanned $3,000,000 minimum Prospectus financing, which PSQ and UI\ncontinue to advance.\n \n \n \n \n The net proceeds of the Offering are intended to be\nused by PSQ to advance the business plans of UI, which includes the\nacquisition of an initial addiction treatment center operating in\nManitoba, undertaking clinical trials for an addiction treatment\nprotocol, and to fund various transaction costs relating to the\ncompletion of the QT.\n \n \n \n \n Each Subscription Receipt issued will entitle the\nholder thereof to receive one unit of Subco (the \"\n \n \n Units\n \n \n \") with\neach Unit comprised of one common share in the capital of Subco (a\n\"\n \n \n Common Share\n \n \n \") and one common share purchase warrant (each, a\n\"\n \n \n Warrant\n \n \n \").\n \n \n \n \n The Units issuable to the Subscribers in exchange for\nthe Subscription Receipts will then subsequently be exchanged for\nunits of the post Amalgamation resulting issuer (the\n\"\n \n \n Resultin...