Business
Universal Ibogaine Announces Closing of Sale of Belize Property
(TheNewswire) Calgary, AB – January 22, 2025 – TheNewswire - Universa...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine Announces Closing of Sale of Belize 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 – January 22, 2025 –\n \n\n TheNewswire -\n \n\n 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, is\npleased to advise it has closed the sale of its Belize\nProperty.\n \n\n\n\n As previously announced (see prior News Releases dated\nNovember 26, December 11, and December 27, 2024 and January 13, 2025)\nthe Company agreed to sell 100% of the shares of its wholly-owned\nsubsidiary Universal Ibogaine Belize Ltd. (“\n \n\n UIBL\n \n\n ”) for proceeds\nof USD 300,000 (the “\n \n\n Sale\n \n\n ”).  UIBL owns no assets other than\n20-acres of undeveloped land located on an island in offshore Belize\n(the “\n \n\n Belize\nProperty\n \n\n ”).\n \n\n\n\n The Sale proceeds of approximately Cdn $416,000 (net of\nBelize transaction costs) have been received and were held in Trust by\nthe Company pending final regulatory approval of the TSX Venture\nExchange (the “\n \n\n TSXV\n \n\n ”), which has now been issued.\n \n\n\n\n As previously advised, the Sale was to a party that is\nrelated to the Company, Mr. Thomas Vidrine, a Belize resident who has\nserved as a Director nominee of UIBL (for no compensation) since its\nformation in 2018.  As the transaction was technically subject to\nTSXV policy 5.9 and MI 61-101, the  Company relied on the exemptions\nfrom the Formal Valuation requirement of MI 61-101, and received\nformal consent to the Sale from its Disinterested shareholders group,\nholding approximately 53.4% of the Company’s net outstanding common\nshares.\n \n\n\n\n This news release has been approved by the CEO of the\nCompany.\n \n\n\n\n\n About Universal\nIbogaine Inc.\n \n\n\n\n\n\n UI is a life sciences company,\n \n\n\n\n with a mission to\ntransform addiction treatment using medicalized ibogaine through a\nplanned Canadian clinical trial focused on opioid use disorder, and\nultimately to utilize that treatment protocol globally through planned\nfuture licensing agreements.\n \...