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Universal Ibogaine announces agreement for the sale of Belize island property
(TheNewswire) Calgary, AB – TheNewswire - March 30, 2023 – Universal ...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine announces agreement for the sale of Belize island property \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 March 30, 2023 – 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 reached an agreement (the “\n \n \n Offer\n \n \n ”) to sell its\n20-acre undeveloped island property located in Belize (the\n“\n \n \n Property\n \n \n ”) for USD 1,300,000.  A summary of the terms of the sale\ntransaction follows:\n \n \n \n \n \n \n The Property is owned by Universal Ibogaine Belize Ltd.\n(\n \n \n UIBL\n \n \n ”), a wholly owned subsidiary of the Company, and consists\nof 4 separate undeveloped blocks totalling approximately 20 acres on\nAmbergris Caye, Belize.  It was acquired in fall 2020, prior to the\ncompletion of the Company’s August 31, 2021 reverse-take-over and\ngo-public transaction, and was originally intended to be used as a\nsite for a potential addiction treatment / follow-on care\nfacility.\n \n \n \n \n \n \n The Offer consists of cash of USD 450,000 and USD\n850,000 payable in the form of a 7% vendor-take-back note (the\n \n \n Note\n \n \n ”)\nwhich is to be repaid by no later than January 15, 2027.\n \n \n \n \n \n \n The cash portion of the Offer consists of a deposit of\nUSD 20,000, which is to become non-refundable on May 15, 2023\n(following completion of the Purchaser’s due diligence period) and\nUSD 430,000 which will be due at the scheduled “\n \n \n Closing\n \n \n ” of the\nsale on or before June 15, 2023.\n \n \n \n \n \n The Purchaser (Capella Holdings Ltd.) is a privately held,\narms-length, Belize based development entity, and will be granted an\noption to\n \n develop (and ultimately sell) up to 60\nsub-divided parcels on the Property.\n \n \n \n \n \n If any individual parcels are sold by Purchaser prior to the January\n15, 2027 due date of the Note, for each such parcel sold, Purchaser\nshall pay as a reduction of the Note balance the greater o...