Mr. Nick Karos reports

UNIVERSAL IBOGAINE ANNOUNCES OFFERING OF CONVERTIBLE DEBT SECURITIES

Universal Ibogaine Inc. (UI) is in process of finalizing an offering of convertible debt securities. The offering consists of up to $5-million of secured guarantee convertible notes which will bear interest at 8 per cent (payable quarterly) and have a maturity of three years from the closing of the offering. Closing of the offering and the payment of any finders fees related thereto will be subject to the required approvals of the TSX Venture Exchange.

On a future conversion, the holder of the notes will receive one unit comprising one Universal Ibogaine common share and a one-half common share purchase warrant. The notes will have a conversion price of three cents per common share in year 1 after closing, 10 cents for year 2, and 15 cents for year 3; each whole warrant will have an escalating annual exercise price, which will be eight cents if converted in year 1 (after closing), 13 cents if converted in year 2 and 18 cents if converted in year 3 after closing.

The notes will be subordinated to the company's existing mortgage on the Kelburn recovery centre and $626,500 of similar notes which were recently issued by the company on closing of a prior private placement financing (see Universal Ibogaine's news release dated Dec. 1, 2022). A general security agreement will be issued as part of the planned closing(s) of the offering by Universal Ibogaine's British-Columbia-based, 100-per-cent-owned subsidiary company (which, in turn, owns the company's Kelburn recovery centre addiction treatment clinic near Winnipeg and a 20-acre undeveloped land project in Belize).

The proceeds from the offering are intended to be used in completing the company's planned ibogaine-based clinical trial application with Health Canada, including finalizing a supply agreement for ibogaine to be used in the eventual trials, and for general working capital purposes.

Nick Karos, Universal Ibogaine chief executive officer, noted, "We are finalizing discussions with several interested parties and completion of this offering will aid UI in advancing to its next stage of development in our ultimate goal of having ibogaine medicalized and accepted for eventual wide-scale use in addiction treatments."

About Universal Ibogaine Inc.

Universal Ibogaine 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 protocol globally through planned future licensing agreements.

Universal Ibogaine is concurrently developing a state of the art holistic addiction treatment protocol at its Kelburn recovery centre that, which when paired with the planned ibogaine detox protocol, is intended to both revolutionize the way we treat addiction, and to drastically improve the lives of individuals and families affected by addiction.

We seek Safe Harbor.