Universal Ibogaine Inc. (UI) has announced that P Squared Renewables Inc. (PSQ) has received conditional approval from the TSX Venture Exchange for its previously announced Qualifying Transaction with UI.
Under the transaction, UI said PSQ will acquire all of its outstanding shares by way of a three-corner amalgamation among PSQ, UI, and 1266855 B.C. Ltd. (Subco), a wholly-owned subsidiary of PSQ.
PSQ also will subsequently change its name to 'Universal Ibogaine Inc.'
READ: Universal Ibogaine taps biopharmaceutical veteran Dr Rami Batal as its new CEO
Both firms said they are diligently working towards closing the transaction on a timely basis, as well as short-term closing of the previously announced:
- Concurrent non-brokered private placement offering of $6 million of Subscription Receipt Units issued by Subco;
- The acquisition by UI of the Kelburn Mental Health & Addiction Recovery Centre (Kelburn Clinic), an addiction treatment centre operating near Winnipeg, Manitoba; and
- Subco has received fully funded subscription agreements (either directly or held in broker accounts) for a total of $5.5 million under the offering, and intends to complete an initial closing of the offering on or before July 27, 2021.
“We are pleased to be within reach of completing the go-public Transaction," said UI CEO Dr Rami Batal in a statement. “Arriving at this milestone will strengthen and accelerate our push toward tackling the growing addiction problem by applying innovative, evidence-based, treatments and state-of-the-art care models.”
UI said the transaction is expected to formally close once final documentation is filed with the exchange following which, the resulting issuer would commence trading under the intended ticker symbol “IBO”.
Meanwhile, UI said it plans to undertake clinical development, and subsequently obtain regulatory authorization for the use of ibogaine as an authorized addiction interruption medicine, initially for the treatment of Opioid Use Disorder(s).
Following the closing of the offering and the QT, UI said a Clinical Trial Application is planned to be submitted to Health Canada, with the intent of demonstrating ibogaine safety and efficacy.
UI also holds a 20-acre property on an island near San Pedro, Belize, and is reviewing the concept of having a joint venture partner finance and develop a potential addiction treatment facility or other future projects on the site.
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