Mr. Nick Karos reports

UNIVERSAL IBOGAINE ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING

Universal Ibogaine Inc. has closed its previously announced (see news release dated Feb. 22, 2024) non-brokered private placement offering of common shares and has issued 57,557,600 common shares at a price of one cent per share for gross proceeds of $575,576.

The proceeds from the offering are intended to be used in advancing the company's planned ibogaine-based clinical trial application process with Health Canada, and for general working capital purposes.

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 Venture Exchange and Canadian securities laws, as well as any required hold periods under United States securities laws for U.S.-resident purchasers.

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.), which, 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.