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P Squared Renewables Inc. Provides Update on Proposed Qualifying Transaction with Universal Ibogaine Inc.
(via TheNewswire) June 2, 2020 - TheNewswire - Calgary, Alberta - P Squared Renewables I...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"P Squared Renewables Inc. Provides Update on Proposed Qualifying Transaction with Universal Ibogaine Inc.(via TheNewswire)\n\n \nJune 2, 2020 - TheNewswire - Calgary, Alberta - P Squared Renewables Inc. (TSXV:PSQ.P) (\"PSQ\"), a Capital Pool Company (\"CPC\"), is pleased to provide an update on its previously announced proposal for a Qualifying Transaction (the \"Proposed QT\") with Universal Ibogaine Inc. (\"UI\"), a privately-held, arm's length party which intends to develop a network of centres for the treatment of drug and alcohol addiction.\n\n\n \nPSQ's prior news release of November 1, 2019, noted that PSQ has entered into a letter of intent (the \"LOI\") with UI whereby PSQ will acquire 100% of UI by way of an exchange of PSQ common shares, on a 1 for 1 basis pursuant to the Amalgamation (as defined below).\n\n\n \nThe Proposed QT and Financing (as defined below) contemplated under the LOI were originally intended to be completed by April 30, 2020, and the parties have agreed to amend the LOI to extend the contemplated closing date for the Proposed QT to July 31, 2020, or such other date as may be mutually agreed upon, and to provide for the Clinic Acquisition (as described below) and other amendments. \n\n\n \nTrading of PSQ's common shares \n\n\n \nTrading in PSQ's common shares have been suspended since June 27, 2019 for failing to complete a Qualifying Transaction within 24 months of its listing and will remain suspended until the Proposed QT has been completed and the requisite approvals by the TSX Venture Exchange (the \"TSXV\") have been obtained. The Proposed QT remains subject to approval by the TSXV.\n\n \n \nProposed QT \n\n\n \nSubject to the approval by the TSXV, the Amalgamation is to represent PSQ's required Qualifying Transaction pursuant to Policy 2.4 of the TSXV. The highlights of the Proposed QT are as follows:\n\n\n \n\n\n- the Proposed QT will be completed pursuant to a three-cornered amalgamation (the \"Amalgamation\") between UI, PSQ and a wholly-owned subsidiary of PSQ (the \"Subco\") whereby UI and Subco amalgamate and the amalgamated corporation will become a wholly-owned subsidiary of PSQ;\n\n\n\n- the LOI requires PSQ to undertake an equity financing, by way of a prospectus, (the \"Financing\"). PSQ is in discussions with a party which would act as its agent (the \"Agent\") to undertake the Fi...