Mr. Nick Karos reports

UNIVERSAL IBOGAINE ADVISES OF CLOSING OF PRIVATE PLACEMENT FINANCING

Universal Ibogaine Inc. has closed its previously announced (see news release of Dec. 20, 2023) non-brokered private placement of common shares and has issued 41,719,250 common shares at a price of one cent per share for gross proceeds of $417,192.

The company has completed the filing on SEDAR+ of its required reports (unaudited consolidated financial statements, management discussion and analysis, and chief executive officer and chief financial officer certifications) for the Q1 interim three-month period ended Oct. 31, 2023.

The company intends to use the proceeds of the placement for various purposes, including approximately as shown in the attached table.

Completion of the placement remains subject to the final approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month hold period as required by the rules of the TSX-V and Canadian securities laws as well as any required hold periods under U.S. securities laws for U.S. resident purchasers.

This news release has been approved by the chief executive officer of the company.

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 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.

We seek Safe Harbor.