Universal Ibogaine announces agreement for the sale of Belize island property
Calgary, AB – TheNewswire - March 30, 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 that it has reached an agreement (the “Offer”) to sell its 20-acre undeveloped island property located in Belize (the “Property”) for USD 1,300,000. A summary of the terms of the sale transaction follows:
The Property is owned by Universal Ibogaine Belize Ltd. (UIBL”), a wholly owned subsidiary of the Company, and consists of 4 separate undeveloped blocks totalling approximately 20 acres on Ambergris Caye, Belize. It was acquired in fall 2020, prior to the completion of the Company’s August 31, 2021 reverse-take-over and go-public transaction, and was originally intended to be used as a site for a potential addiction treatment / follow-on care facility.
The Offer consists of cash of USD 450,000 and USD 850,000 payable in the form of a 7% vendor-take-back note (the Note”) which is to be repaid by no later than January 15, 2027.
The cash portion of the Offer consists of a deposit of USD 20,000, which is to become non-refundable on May 15, 2023 (following completion of the Purchaser’s due diligence period) and USD 430,000 which will be due at the scheduled “Closing” of the sale on or before June 15, 2023.
The Purchaser (Capella Holdings Ltd.) is a privately held, arms-length, Belize based development entity, and will be granted an option to develop (and ultimately sell) up to 60 sub-divided parcels on the Property.
If any individual parcels are sold by Purchaser prior to the January 15, 2027 due date of the Note, for each such parcel sold, Purchaser shall pay as a reduction of the Note balance the greater of (i) USD 40,000 or (ii) 30% of proceeds from sale of such sub-divided parcels. UI will retain title to the Property until the Note is ultimately repaid.
Purchaser will be responsible for all closing costs (other than UIBL’s 10% real estate commission and the local sales tax thereon, and UIBL legal fees) and payment of the ongoing annual property taxes due on the Property after Closing.
Closing of the sale, planned for June 15, 2023, will be subject to completion of due diligence by the Purchaser, and receipt of any necessary approvals by the TSX Venture Exchange and local Belize regulatory authorities.
Nick Karos, UI CEO, noted “the Belize Property is non-core to our current business plans for addiction treatment and the ultimate undertaking of ibogaine clinical trials, and we are pleased to have reached an agreement for its sale, as it will provide us with a non-dilutive source of additional funding.”
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. 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.
For further information:
Investor Relations: Dugan Selkirk, IR Manager