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Calgary, AB - TheNewswire - December 1, 2023 - Universal Ibogaine Inc. (TSXV:IBO) (“UI” or the “Company”), a life sciences company with a mission to deliver medicalized ibogaine-centered addiction care, advises of the following update and revision to its prior news release which was issued on November 20, 2023.
At that time, UI had advised that it has made an application to the Alberta Securities Commission (as Principal Regulator) and the British Columbia Securities Commission, to approve a temporary management case trade order (“MCTO”) under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”), which, if granted, will prohibit trading securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is in effect, the general public will continue to be able to trade in the Company’s listed common shares.
There is no guarantee or assurance that the MCTO application will be approved, and if granted, the MCTO will be in effect until the Required Filings are completed.
The Company was unable to file its audited consolidated financial statements for the financial year ended July 31, 2023 (the “Financial Statements”) and the related management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, with the Financial Statements, the “Required Filings”) before the filing deadline of November 28, 2023 (the “Filing Deadline”, which had been inadvertently noted previously as November 29, 2023).
The delay in the Required Annual Filings is the result of the Company’s requirement to engage a replacement for Deloitte LLP as auditors. UI is not subject to any insolvency proceedings, and there is no material information that has not been disclosed. UI expects to be in a position to complete the Required Filings by January 18, 2024. UI is finalizing timing with its new auditor firm, and will be working with them throughout December and early January to complete the audit of the Financial Statements as required.
Until the Company completes the Required Annual Filings, the Company will comply with the alternative information guidelines set out in NP 12-203 for issuers who have failed to comply with a specified continuous disclosure requirement within the timelines prescribed by applicable Canadian securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Filings have not been filed.
This news release has been approved by the CEO of the Company.
About Universal Ibogaine Inc.
UI is a life sciences company, with a mission to transform addiction treatment using medicalized ibogaine through a planned Canadian clinical trial focused on opioid use disorder, and ultimately to utilize that treatment protocol globally through planned future licensing agreements. UI is concurrently developing a state of the art holistic addiction treatment protocol at its Kelburn Recovery Centre (located near Winnipeg, Manitoba) that, which when paired with the planned ibogaine detox protocol, is intended to revolutionize the way we treat addiction and drastically improve the lives of individuals and families affected by addiction.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements and information. Forward-looking information is frequently characterized by words such as "plans", “planned”, "expect", "project", "intends", “intended” "will", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur. The forward-looking statements and information are based on certain key expectations and assumptions made by UI at the date the statements are made. Although UI believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because UI can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, which include, but are not limited to, risks that required regulatory approvals are not obtained. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by UI at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only to conditions as of the date hereof. UI does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Additional information identifying risks and uncertainties that could affect financial results and the Company is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com
For further information:
Nick Karos, CEO
Universal Ibogaine Inc.
612-309-3527
Nick.Karos@universalibogaine.com
Investor Relations: Dugan Selkirk, IR Manager
dugan.selkirk@universalibogaine.com
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