Business
Universal Ibogaine Announces Revision to Terms of Offering of Convertible Debt Securities
(TheNewswire) Calgary, AB - TheNewswire - March 16, 2023 - Universal Ibogaine I...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine Announces Revision to Terms of 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 \n \n \n \n \n \n \n \n \n \n \n \n Calgary, AB -\n \n \n TheNewswire -\n \n \n March 16, 2023 -\n \n \n Universal Ibogaine Inc. (\n \n \n TSXV:IBO\n \n \n ) (“\n \n \n UI\n \n \n ” or the\n“\n \n \n Company\n \n \n ”), a life sciences company with a mission to deliver\nmedicalized ibogaine-centered addiction care, advises that following\npreliminary approval by the\n \n \n TSX Venture\nExchange\n \n \n (the “TSXV”), it has slightly\nmodified the terms of its pending offering of convertible debt\nsecurities (the “\n \n \n Offering\n \n \n ”, as was described in the\nCompany’s prior News Release of February 6, 2023).\n \n \n \n \n The Offering consists of up to $5 million of “Secured\nGuarantee Convertible Notes” (the “\n \n \n Notes\n \n \n ”) which will\nbear interest at 8% (payable quarterly) and have a\n \n \n maturity of 3 years from the Closing of the Offering.\n Closing of the Offering, and the payment of any finders fees related\nthereto, will be subject to the required final approvals of the TSXV.\n \n \n \n \n On any future conversion of all or a portion of the\nNotes, the Note holders will receive one “\n \n \n Unit\n \n \n ” comprised of\none UI common share and a one-half common share purchase warrant (a\n“\n \n \n Warrant\n \n \n ”).  The Notes will have a conversion price of $0.05 per\ncommon share (the TSXV minimum) in year 1 after Closing, $0.10 for\nyear 2, and $0.15 for year 3, and each whole Warrant issued on a\nconversion will have an escalating annual exercise price which will be\n$0.05 if exercised in year 1 (after Closing), $0.13 if exercised in\nyear 2, and $0.18 if exercised 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 in 2022 on\nclosing of a prior private placement financing (see UI News Release of\nDecember 1, 2022).  A General Security Agreement will be issued as\npart of the planned closing(s) of the ...