Business
Universal Ibogaine advises of Offer to purchase Belize property and update on application for Management Cease Trade Order
(TheNewswire) Calgary, AB – TheNewswire - November 26, 2024 – Univers...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine advises of Offer to purchase Belize property and update on application for Management 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 Calgary, AB –\n \n\n TheNewswire -\n \n\n November 26, 2024 – 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 research and deliver medicalized ibogaine-centered\naddiction care, is pleased to advise that it has received an offer to\npurchase (the “\n \n\n Offer\n \n\n ”) its undeveloped 20-acre island\nproperty in Belize (the “\n \n\n Property\n \n\n ”) for USD 300,000.\n \n\n\n\n The Offer is to purchase the shares of Universal\nIbogaine Belize Ltd. (“\n \n\n UIBL\n \n\n ”), which holds title to the Property,\nhas no operations, and is an inactive, wholly-owned subsidiary of the\nCompany.  The Offer was made by an individual who is a Belize\nresident, who serves as a Director of UIBL, and has not been involved\nin any decision making or other capacity with UI.  The Offer has an\nexpected closing date of December 6, 2024, is subject to receipt of\nany necessary regulatory approvals (including that of the TSX Venture\nExchange) and includes a non-refundable deposit of USD 30,000 due by\nNovember 27 (the “\n \n\n Intended\nSale\n \n\n ”).\n \n\n\n\n The Property was originally acquired by the Company in\n2020 as part of a potential plan to establish a rehabilitation and\nrecovery treatment facility on the island.  The Property has been\nlisted for sale for several years after it became a non-core asset\nwhen UI determined that it would not proceed with that plan and\ninstead would focus on developing its Kelburn Recovery Centre, an\naddiction treatment facility located near Winnipeg, Manitoba, Canada,\nas well as establishing a clinical trial application for the use of\nibogaine in addiction recovery programs.\n \n\n\n\n Nick Karos, CEO and Director, noted “the Belize\nProperty is a non-core, legacy asset, the sale of which will provide\nthe Company with a needed source of additional financing as we\ncontinue to advance our current plans”.\n \n\n\n\n Management Cease Trade Order (...