Calgary, Alberta – TheNewswire - August 30, 2021 - P Squared Renewables Inc. (TSXV:PSQ.P) ("PSQ" or the "Company") a capital pool company, and Universal Ibogaine Inc. ("UI") are pleased to announce that PSQ has SEDAR filed its Filing Statement in respect of its previously announced Qualifying Transaction (as defined under TSXV Policy 2.4) with UI ‎whereby PSQ will acquire all of the outstanding shares of UI by ‎way of a three-corner amalgamation among PSQ, UI and 1266855 B.C. Ltd. ("Subco"), a ‎wholly-owned subsidiary of PSQ (the "Transaction"). Please refer to PSQ’s SEDAR profile at www.sedar.com for a copy of the Filing Statement.

It is expected that the non-brokered private placement of ‎subscription receipts ("Subscription Receipts") being ‎undertaken by 1266855 B.C. Ltd. ‎‎("Subco"), a wholly owned subsidiary of PSQ, of up to ‎‎24,000,000 ‎Subscription Receipts at a price of $0.25 per Subscription Receipt for aggregate ‎gross proceeds ‎of up to $6,000,000 (the "Offering") will be completed on August 31, 2021. The termination time from 5:00 p.m. (Calgary time) for the Subscription Receipts had been extended from on July 31, 2021 to 5:00 p.m. (Calgary ‎time) on August 31, 2021.  ‎

It is also expected that the Transaction will be completed on August 31, 2021.

Shortly after closing the Transaction, the resulting issuer is expected to change its name to Universal Ibogaine Inc. and commence trading on the ‎TSXV under the trading symbol "IBO".‎

Forward-Looking Information

This press release contains forward-looking information based on current expectations. Statements about the closing of the Transaction and the parties’ ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Transaction will occur or that, if the Transaction does occur, it will be completed on the terms described above. PSQ and UI assume no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Cautionary Statements

Completion of the transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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.

NOT FOR DISSEMINATION IN THE UNITED STATES
OR THROUGH U.S. NEWS WIRES

‎For further information, please contact:

Rami Batal       

Chief Executive Officer       

Universal Ibogaine Inc.       

Telephone: 416-902-4090       

Email: rami@ibogaineinc.com       

Shabir Premji

Executive Chairman & CEO

P Squared Renewables Inc.

Telephone: 403-870-1841

Email: spremji@p2renewables.com