Business
Universal Ibogaine Announces Extension of Convertible Notes Payable and Engagement of Market Maker Firms
(TheNewswire) Calgary, Alberta – TheNewswire - October 4, 2021...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine Announces Extension of Convertible Notes Payable and Engagement of Market Maker Firms\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n \n TheNewswire\n- October 4, 2021\n \n \n – Universal Ibogaine Inc.\n(\"\n \n \n UI\n \n \n \" or the \"\n \n \n Company\n \n \n \"), formerly P Squared Renewables\nInc. (\"\n \n \n PSQ\n \n \n \"), advises that it has received an extension on the\nmaturity date of $350,000 of convertible promissory notes payable\n \n \n (the \"\n \n \n Loans\n \n \n \")\n \n \n to February\n28, 2021, subject to approval of the TSX Venture Exchange (the\n\"\n \n \n TSXV\n \n \n \").\n \n \n \n \n The Loans were received by UI on May 31, 2021\n \n \n from three arms length parties (the\n \n \n \"\n \n \n Lenders\n \n \n \"\n \n \n ) and were\nused in conjunction with deposits paid for the Company’s acquisition\nof the Kelburn Clinic in Manitoba.  The Loans bear interest at 10%,\nare repayable by UI at any time, and were originally to mature August\n31, 2021.  The Lenders have agreed to extend the maturity date of the\nLoans, which  are convertible at the option of the Lenders at any\ntime on or before the due date into UI common shares at a price of\n$0.25 per common share.  Conversion of the full balance of the Loans\nwould result in the issuance of 1,400,000 UI common shares.\n \n \n \n \n Engagement of Market Marker\nFirms\n \n \n \n \n UI also advises that, subject to TSXV approval, it has\nretained Independent Trading Group (ITG), Inc. (“\n \n \n ITG\n \n \n ”) and\nGeneration IACP Inc. (“\n \n \n GIACP”\n \n \n ) to provide market-making services in\ncompliance with the policies and guidelines of the TSXV and other\napplicable legislation.   Both ITG and GIACP will trade UI common\nshares on the TSXV with the objective of maintaining a reasonable\nmarket and improving the stability and liquidity of the Company’s\ncommon shares.\n \n \n \n \n ITG will receive a monthly fee of $5,000 per month,\nwith an initial minimum term of three months, automatically renewable\nthereafter for successive one-month terms until terminated by either\nparty upon 30 days notice.\n \n \n \n \n GIACP will receive a fee $7,500 per month payable\nquarterly in advance, with the fee increasing by 3% on ea...