Universal Ibogaine Inc (UI) has updated on the completion of the final milestones required to achieve the company's public listing, now expected to occur this September.
As reported previously, the qualifying transaction (QT) involves the merger of the publicly listed capital pool company PSQ, and private group Universal Ibogaine Inc via a reverse takeover.
READ: Universal Ibogaine and P Squared receive conditional approval from TSX Venture Exchange for Qualifying Transaction
This involves three main aspects - closing of a fully subscribed private placement financing, the acquisition of the Kelburn Mental Health Clinic, and the amalgamation of PSQ, UI and the wholly owned numbered company which held the funds of the private financing in Trust.
The financing is now closed, said the company, allowing "us to move forward quickly with our Clinical Trial application and all important efforts to medicalize ibogaine based on the safety protocol of the Clear Sky Recovery clinic. We have all the required pieces in place for the path forward," said CEO Dr Rami Batal in the corporate update.
A portion of the proceeds were used to complete the acquisition of the Kelburn Mental Health and Addiction Treatment Centre, it also noted.
"We intend to develop a holistic treatment modality which will utilize the latest scientific advancements in mental and brain health enhanced by classical proven modalities. Universal Ibogaine is committed to developing the Gold Standard in Addiction Treatment," said UI.
In addition, the three-cornered amalgamation between P Squared Renewables, 1266855 B.C. Ltd and Universal Ibogaine was completed. The resulting entity will carry on the operations of Universal Ibogaine Inc. and holders of the securities of each previous entity will receive equivalent securities of the resulting Issuer.
Listing of the resulting issuer's common shares is expected to occur later in September this year, pending final approval by the TSXV of the offering and final submissions related to the QT, following which the TSXV will issue their standard “Final Exchange Bulletin”, added Dr Batal.
Subsequent to the July 22, 2021 shareholder update, co-founder Shayne Nyquvest stepped down as executive chair of UI and passed the torch to fellow board member chief Ian Campbell, the company added.
Ian is the hereditary chief and an elected official of the Squamish Nation, while Nyquvest is "taking some time to focus on his health and his family".
Contact the author at giles@proactiveinvestors.com