Mr. Nick Karos reports

UNIVERSAL IBOGAINE ANNOUNCES PRIVATE PLACEMENT FINANCING AND THE RESULTS OF THE ANNUAL MEETING OF SHAREHOLDERS

Universal Ibogaine Inc. intends to undertake a non-brokered private placement offering of up to 23,333,333 common shares at a price of 1.5 cents per share, for proceeds of up to $350,000.

Completion of the offering is subject to approval by the TSX Venture Exchange. All shares issued under 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.

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

The company currently has a total of 291,070,449 common shares issued and outstanding.

Annual meeting of shareholders

The company also advises the results of its annual meeting of shareholders held on April 18, 2024, at which the company's shareholders approved the following matters:

• Election of the board of directors -- the company's three incumbent members of the board were re-elected and new director nominee Ken Cranwill was elected, with each board member to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.
• Appointment of auditor -- MNP LLP was appointed as the auditor of the company for the next fiscal year at a remuneration to be determined by the board of directors.
• Employee equity incentives plan (EICP) -- the company's 2024 EICP was approved.
• Stock option plan (SOP) -- the company's 2024 SOP was approved.

Further details of the matters voted on are set out in the company's management information Circular dated March 4, 2024, a copy of which is available on SEDAR+ and was filed on the company's website. Specific results for the matters voted on at the meeting are summarized herein.

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, which when paired with the planned ibogaine detox protocol, is intended to revolutionize the way people treat addiction and drastically improve the lives of individuals and families affected by addiction.

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