July 22, 2021 – The press wire – Calgary, Alberta – P Squared Renewables Inc. (TSXV: PSQ.P) (“PSQ“or the”Company“) a capital pool company, and Universal Ibogaine Inc. (“User interface“) are pleased to announce that PSQ has received conditional approval from the TSX Venture Exchange (“TSXV“) for its previously announced qualifying transaction (the”Transaction“, as defined in TSXV Policy 2.4) with UI. Pursuant to the transaction, PSQ will acquire all of the outstanding shares of UI through a tripartite merger between PSQ, UI and 1266855 BC Ltd. (“Sub-company“), a 100% subsidiary of PSQ, and PSQ will subsequently change its name to” Universal Ibogaine Inc. “

PSQ and UI are working diligently towards the timely close of the transaction, as well as the short term close of what was previously announced:

  • – Concurrent non-middleman private placement of $ 6 million subscription receipt units issued by Subco (the “”Offer“), and

    – acquisition by UI of Kelburn Mental Health & Addiction Recovery Center (the “Kelburn Clinic”), an addiction treatment center located near Winnipeg, Manitoba.

Subco received fully funded subscription contracts (either directly or held in broker accounts) for a total of $ 5.5 million in connection with the Offering, and intends to complete an initial closing of the Offering on or before July 27, 2021.

UI CEO Dr Rami Batal said: “We are delighted to be within reach of finalizing the public transaction. Reaching this milestone will strengthen and accelerate our efforts to tackle the growing problem of drug addiction by applying innovative, evidence-based treatments and cutting-edge models of care. “

The transaction should be formally closed once the transaction is final. the documentation is filed with the TSXV, following which the resulting issuer would begin trading on the TSX Venture Exchange under the intended trading symbol “IBO”.

Forward-looking information

This press release contains forward-looking information based on current expectations. Statements regarding the closing of the transaction, the offer and acquisition of Kelburn Clinic, as well as the ability of the parties to meet the closing conditions and to receive the necessary approvals are all forward-looking information. These statements should not be interpreted as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those implied by such statements. Although these statements are based on reasonable assumptions of management, there can be no assurance that the Transaction will take place or that, if the Transaction does occur, it will be completed in the manner described above. PSQ and UI assume no responsibility to update or revise forward-looking information to reflect new events or circumstances, except as required by law.

Warnings

Completion of the transaction is subject to a number of conditions including, but not limited to, the final acceptance and approval of the TSXV. There can be no assurance that the Transaction will be completed as offered or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared for the TSX Venture Exchange in connection with the transaction, any information disclosed or received regarding the transaction may not be accurate or complete and should not be invoked. Trading in the securities of a capital pool company should be viewed as highly speculative.

The TSX Venture Exchange 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 REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.

In addition to this, you need to know more about it.For more information, please contact:

Dr Rami Batal Shabir Premji

Chairman and Chief Executive Officer Chairman and Chief Executive Officer

Universal Ibogaine Inc. P Squared Renewables Inc.

Telephone: 416-902-4090 Telephone: 403-870-1841

Email: R[email protected] E-mail: [email protected]

DO NOT RELEASE IN THE UNITED STATES
OR THROUGH US NEWS

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