Business
Universal Ibogaine Undertaking Offering of Convertible Debt Securities and Common Shares
(TheNewswire) Calgary, AB – December 1, 2022 – Universal Ibogaine Inc. ( ...
About this update from Universal Ibogaine Inc
[{"type":"text","content":"Universal Ibogaine Undertaking Offering of Convertible Debt Securities and Common Shares\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 – December 1, 2022 – Universal Ibogaine\nInc. (\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 (the\n“\n \n \n Offering\n \n \n ”) of convertible debt securities.  The Offering will\nconsist 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, is subject to the required approvals of\nthe 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 $0.10 per common share in year 1\nafter Closing, $0.15 for year 2, and $0.20 for year 3.  Each whole\nWarrant will have an escalating annual exercise price which will be\n$0.20 if converted in year 1 (after Closing), $0.40 if converted in\nyear 2, and $0.50 if converted in year 3 after Closing.   The Notes\nwill be subordinated to the Company’s existing mortgage on the\nKelburn Recovery Centre and a General Security Agreement will be\nissued as part of the Closing by UI’s BC based 100% owned subsidiary\ncompany (which in turn owns the Company’s Kelburn Recovery Centre\naddiction treatment clinic near Winnipeg and a 20 acre undeveloped\nland project in Belize).\n \n \n \n \n The proceeds from the Offering are intended to be used\nin completing the Company’s planned ibogaine based clinical trial\napplication with Health Canada, including finalizing a supply\nagreement for ibogaine to be used in the eventual trials, and for\ngeneral working capital purposes.\n \n \n \n \n Nick Karos, UI ...