Universal Ibogaine Announces Expansion Of Executive Team And Grant Of Stock Options
Calgary, AB – TheNewswire – December 2, 2021 – Universal Ibogaine Inc. (TSXV:IBO) (“ UI ” or the “ Company ”), a life sciences company with a mission to research and deliver medicalized ibogaine-centered addiction care, is pleased to announce an expansion of its’ Executive team, and welcomes Nick Karos as its new Director – Capital Markets.
Mr. Karos is based in Los Angeles, USA, and is a seasoned financier. His career includes senior roles with US investment banks, including serving at Piper Jaffray as head of Nasdaq Trading and Agency Services, and most recently as CEO of Private Trading Group, which has provided business development and capital raising services for several successful start-up ventures.
Mr. Karos’ mandate will include expanding awareness of UI in the US-based investment community (including institutional investors, family offices, high net worth individuals and investment advisors), securing sources of expansion capital, as well as identifying business development opportunities in the addiction treatment industry. UI is currently in the process of finalizing an application to be listed for trading in the USA on the OTC QB market.
UI also advises that it has granted incentive stock options (“ Options ”) to members of its recently expanded Executive team, as well as to several key, long-serving consultants to UI, and two new members of its’ Board of Directors who joined UI effective October 18, 2021, as follows:
| Chief Clinics Officer (Ian Rabb, joined UI November 15) | 3,000,000 | |
| Chief Financial Officer (Greg Leavens) | 2,000,000 | |
| Director – Capital Markets (Nick Karos) | 2,000,000 | |
| Board members (David Danziger and Anthony DeCristofaro, joined UI October 18) | 400,000 | |
| Consultants | 1,450,000 | |
| 8,850,000 |
The grants are made under the Company’s 20% Fixed Stock Option Plan, which based on the total shares outstanding as at the date of the Company’s Amalgamation on August 31, 2021, has a cap of 38.1 million shares issuable for the exercise of Options and Performance Shares.
None of the current grantees have previously been issued any UI Options, and each Option will entitle the holder to acquire one UI common share at an exercise price of $0.25 per share (which was the issue price of the August 31, 2021 go-public Offering). Entitlement to exercise the Options will vest over a term of 3 years (1/3 per year) for 4,850,000 of the Options and 2,000,000 Options will vest over a term of 2 years. For Mr. Karos, the vesting period is one year, and 1,150,000 of his 2,000,000 Option grant (58% of his total) will only vest upon achieving performance-based milestones. The term to expiry of the Options will be 5 years, except for 3,000,000 Options which will have a term of 10 years.
Dr. Rami Batal, UI’s CEO noted “As a life sciences company, we are an integral participant in the knowledge economy. While we have aimed to minimize cash compensation costs, the importance for UI of recruiting and retaining top talent is paramount, particularly in today’s competitive environment. Our team, including members of our Board of Directors who continue to provide both governance and operational guidance, are relentless in their quest to make UI successful. The recent addition of Anthony DeCristofaro and David Danziger enhanced our Board of Directors and strengthened our business and financial acumen. Dr. Ian Rabb, who joined us in mid-November, is making considerable strides in shaping our innovative addiction care model, which is to be piloted at the Kelburn Clinic in Winnipeg. Mr. Nick Karos, our exciting new addition to the UI team, will augment our corporate finance and capital markets expertise and experience, and bolster our access and effectiveness in the ever-critical US market environment.”