Business
Universal Ibogaine Announces Offering of Convertible Debt Securities
(TheNewswire) Calgary, AB – TheNewswire - February 6, 2023 – Universa...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine Announces Offering of Convertible Debt Securities \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 Calgary, AB –\n \n \n TheNewswire -\n \n \n February 6, 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 is in process of finalizing an offering of convertible\ndebt securities (the “\n \n \n Offering\n \n \n ”).  The Offering consists of up to\n$5 million of “Secured Guarantee Convertible Notes” (the\n“\n \n \n Notes\n \n \n ”) which will bear interest at 8% (payable quarterly) and\nhave a\n \n \n maturity of 3 years from the Closing of\nthe Offering.  Closing of the Offering, and the payment of any\nfinders fees related thereto, will be subject to the required\napprovals of the TSX Venture Exchange.\n \n \n \n \n On a future conversion, the holder of the Notes will\nreceive one “\n \n \n Unit\n \n \n ” comprised of one UI common share and a\none-half common share purchase warrant (a “\n \n \n Warrant\n \n \n ”).  The\nNotes will have a conversion price of $0.03 per common share in year 1\nafter Closing, $0.10 for year 2, and $0.15 for year 3, and each whole\nWarrant will have an escalating annual exercise price which will be\n$0.08 if converted in year 1 (after Closing), $0.13 if converted in\nyear 2, and $0.18 if converted in year 3 after Closing.\n \n \n \n \n The Notes will be subordinated to the Company’s\nexisting mortgage on the Kelburn Recovery Centre and $626,500 of\nsimilar Notes which were recently issued by the Company on closing of\na prior private placement financing (see UI News Release of December\n1, 2022).  A General Security Agreement will be issued as part of the\nplanned closing(s) of the Offering by UI’s BC based 100% owned\nsubsidiary company (which in turn owns the Company’s Kelburn\nRecovery Centre addiction treatment clinic near Winnipeg and a 20 acre\nundeveloped land project in Belize).\n \n \n \n \n The proceeds from the Offering are intended to be used\nin completing the Company’s...