Business
Universal Ibogaine Advises of Debt Settlement Agreement and Update on Status of Cease Trade Order
(TheNewswire) Calgary, AB – TheNewswire - April 3, 2025 – U...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine Advises of Debt Settlement Agreement and Update on Status of Cease Trade Order\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Calgary, AB –\n \n\n TheNewswire -\n \n\n April 3, 2025 – Universal Ibogaine Inc.\n(\n \n\n TSXV:IBO\n \n\n ) (“\n \n\n UI\n \n\n ” or the “\n \n\n Company\n \n\n ”), a life sciences company with a\nmission to deliver medicalized ibogaine-centered addiction care,\nadvises that it has agreed to settle a portion, totalling $106,200, of\narrears consulting fees owed to its CEO, Nicholas Karos (the\n“\n \n\n Debt\n \n\n ”).  UI is in process of applying to the TSX Venture\nExchange (the “\n \n\n TSXV\n \n\n ”) to allow the issuance of up to\n4,248,000 common shares, at a minimum price of $0.025 per share (or\nsuch other minimum price and number of common shares as required by\nthe TSXV) in settlement of the Debt.\n \n\n\n\n UI also notes that it had previously advised (see News\nRelease of February 5, 2025) that the\n \n\n Alberta\nSecurities Commission (the “\n \n\n ASC\n \n\n ”, its principal regulator) had\n \n\n ordered that all trading and purchasing of\nsecurities of the Company cease (the “\n \n\n Cease Trade Order\n \n\n ”)\ndue to the Company’s failure to file by the required deadline its\naudited financial statements and related MD&A (the “\n \n\n Required Filings\n \n\n ”)\nfor its fiscal year ended July 31, 2024.   The Company now advises\nthat the ASC revoked the Cease Trade Order effective March 27, 2025,\nfollowing UI’s filing on SEDAR+ of the Required Filings for the\nfiscal year end July 31,2024, as well as for UI’s Q1 interim 3-month\nperiod ended October 31, 2024.\n \n\n\n\n UI’s also advises that its Required Filings for the\ninterim 6-month period ended January 31, 2025 were filed on SEDAR+ by\nthe required filing due date of April 1, 2025.\n \n\n\n\n Resumption in trading of UI’s common shares is\nexpected to resume shortly following the pending completion of the\nTSXV’s review process which was undertaken in connection with the\nCease Trade Order.\n \n\n\n\n This news release has been approved by the CEO of the\nCompany.\n \n\n\n\n\n Ab...