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Shell Summary for June 10, 2020

2020-06-10 20:59 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.59 points to 567.38 Wednesday. Shabir Premji's first capital pool shell, P Squared Renewables Inc. (PSQ: suspended), has an update on its qualifying transaction with Universal Ibogaine Inc., an aspiring detox centre operator. The update includes Universal Ibogaine's plans, additional terms in connection with the QT, and the names of the director nominees for the resulting issuer. The shell, which has 11,160,850 shares issued, will issue at least 121 million shares to its target's shareholders.

Universal Ibogaine was formed in 2018 in Vancouver. It is acquiring the exclusive worldwide rights to implement an ibogaine-based process for treating addictions, mainly opioid addictions. The process was developed by Clear Sky Recovery Cancun SA de CV, which operates an ibogaine-based detox centre in Cancun. Ibogaine is a hallucinogenic substance that is found in the iboga shrub, which is native to West Africa. It is not an approved treatment for addiction in Canada.

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