Mr. Nick Karos reports

UNIVERSAL IBOGAINE ADVISES OF APPOINTMENT OF NEW AUDITORS AND PRIVATE PLACEMENT

Universal Ibogaine Inc. has provided the following update.

Appointment of new auditor

Universal Ibogaine advises that MNP LLP has been appointed as auditor of the company, effective Dec. 6, 2023, commencing with the fiscal year ended July 31, 2023. As indicated in the company's prior news release of Dec. 1, 2023, the company was not able to file on SEDAR+ its audited financial statements, management's discussion and analysis, and related chief executive officer and chief financial officer filings for the year ended July 31, 2023, by the required filing due date. MNP is in process of working on the audit, and Universal Ibogaine intends to file the required filings in January, 2024.

Private placement of common shares

Universal Ibogaine also advises that it is undertaking an offering of up to 100 million common shares at a price of one cent per share for proceeds of up to $1-million. The proceeds from the offering are intended to be used for general working capital purposes and 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.

Closing of the offering, and the payment of any finders' fees related thereto, is subject to the required approvals of the TSX Venture Exchange. The company has received initial subscription agreements and funds totalling $125,000 under the offering.

Vesting and release of performance shares

Universal Ibogaine advises that it is issuing a total of 300,000 common shares based on certain milestone criteria met for performance shares, which had been reserved for potential issuance by the company in 2021, prior to the company's qualifying transaction and amalgamation, which were effective Aug. 31, 2021. The 300,000 common shares are being issued to two former members of the board of directors of the company, and their entitlement to the remaining 975,000 performance shares, which had been reserved for potential issuance, was forfeited following their departure from the company. No performance shares remain reserved for issuance following this current issuance of performance shares.

About Universal Ibogaine Inc.

Universal Ibogaine is a life science 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. Universal Ibogaine is concurrently developing a state-of-the-art holistic addiction treatment protocol at its Kelburn Recovery Centre (located near Winnipeg, Man.) that, when paired with the planned ibogaine detox protocol, is intended to revolutionize the way addiction is treated and drastically improve the lives of individuals and families affected by addiction.

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