P Squared Renewables Inc. Announces Change of Name to Universal Ibogaine Inc.

(TheNewswire)

September 17, 2021 TheNewswire - Calgary, Alberta - P Squared Renewables Inc. (TSXV:PSQ.P) (" PSQ ") announces that as part of the completion of its recently announced Qualifying Transaction (the " QT ", as such term is defined under Policy 2.3 of the Corporate Finance Manual of the TSX Venture Exchange) it has formally changed its name to Universal Ibogaine Inc.

As noted in PSQ's news release of September 2, 2021, the QT involved a three cornered Amalgamation among PSQ, 1266855 B.C. Ltd. (" Subco ", a wholly owned subsidiary of PSQ), and Universal Ibogaine Inc. (" UI ").

The continuing entity (the " Resulting Issuer ") has now completed a formal name change to "Universal Ibogaine Inc." while UI and Subco Amalgamated on August 31, 2021 and continue as a B.C. corporation which was renamed "Clear Sky Recovery Solutions Inc.", which is a wholly owned subsidiary of UI.

Final TSXV Approval and Resumption of Trading

The ultimate listing of the common shares of the Resulting Issuer UI is subject to final approval by the TSXV, and resumption of trading of the common shares (under the intended trading symbol "IBO") is subject to TSXV conditions which UI is in process of completing, prior to the expected issuance in the coming weeks of the ultimate Final Exchange Bulletin by the TSXV.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

‎This news release contains forward-looking statements and information. More particularly, this ‎document contains statements and information relating to the QT that remains subject to final submissions and approval from the TSXV, as well as the intended name change . Forward-looking information is frequently characterized by words such ‎as "plan", "expect", "project", "intend", "will", "believe", "anticipate", "estimate", "scheduled", ‎‎"potential", or other similar words, or statements that certain events or conditions "may", "should" or ‎‎"could" occur.  The forward-looking statements and information are based on certain key expectations ‎and assumptions made by UI, including expectations and assumptions concerning timing of ‎receipt of required regulatory approval and the satisfaction of other conditions to the completion of ‎ the QT. Although UI believes that the expectations and assumptions on which the forward-‎looking statements are based are reasonable, undue reliance should not be placed on the forward-‎looking statements because UI can give no assurance that they will prove to be correct.

Since ‎forward-looking statements address future events and conditions, by their very nature they involve ‎inherent risks and uncertainties. Actual results could differ materially from those currently anticipated ‎due to a number of factors and risks, which include, but are not limited to, risks that required ‎regulatory approvals are not obtained. The reader is cautioned that assumptions used in the ‎preparation of such information, although considered reasonable by UI at the time of ‎preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on ‎forward-looking information, which speaks only to conditions as of the date hereof.  UI does not ‎undertake any obligation to release publicly any revisions to forward-looking information contained ‎herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence ‎of unanticipated events, except as may be required under applicable securities laws. ‎

‎‎ For further information regarding the Transaction, please contact:

Rami Batal        Shabir Premji

Chief Executive Officer        Former Executive Chairman & CEO

Universal Ibogaine Inc.        P Squared Renewables Inc.

Telephone: 416-902-4090        Telephone: 403-870-1841

Email: Rami.Batal@universalibogaine.com        Email: spremji@p2renewables.com

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