IntelGenx Announces Intention to Issue Shares in Payment of Principal and Interest on Outstanding Debentures
SAINT LAURENT, Quebec, June 01, 2022 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the “Company” or “IntelGenx”) announces that it intends to (i) issue shares of common stock of the Company (“Shares”) in payment of the outstanding C$5,450,000 aggregate principal amount of the Company’s convertible unsecured subordinated debentures due June 30, 2022 (the “Debentures”) and (ii) issue 573,684 Shares at a deemed price of C$0.38 per Share in payment of an aggregate of C$218,000 interest due on the Debentures as of June 30, 2022.
Under the terms of the trust indenture governing the Debentures, as supplemented (the “Indenture”), the Company has the option to (i) satisfy its obligation to repay all or any portion of the principal amount of the Debentures outstanding by issuing and delivering Shares at a deemed price of 95% of the current market price (as defined in the Indenture) of the Shares at the maturity date, and (ii) pay the semi-annual interest on the Debentures in Shares (by dividing each $40 of interest amount by the closing price of the Shares on the day immediately preceding the public announcement by the Company of its intention to pay interest in Shares), in each case subject to customary conditions set forth in the Indenture. Holders of Debentures should refer to the Indenture, available under the Company’s profile on SEDAR at www.sedar.com, for a complete description of the terms of the Debentures.
The issuance of the Shares in repayment of the principal of the Debentures and in payment of interest on the Debentures is subject to the acceptance by the Toronto Stock Exchange (“TSX”). The Shares issued in repayment of the principal of the Debentures and in payment of interest on the Debentures will be issued pursuant to exemptions from the prospectus requirements of applicable securities laws.
The Debentures are listed on the TSX under the symbol “IGX.DB”.
IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm® , DisinteQ™ , VetaFilm™ and transdermal VevaDerm™ , allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.
IntelGenx’s highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.
Forward-Looking Information and Statements
This document may contain forward-looking information about IntelGenx’s operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx’s plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words “may”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “could”, “would”, and similar expressions. All forward looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx’s actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading “Risk Factors” in IntelGenx’s annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities at www.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.
Source: IntelGenx Technologies Corp.
For more information, please contact:
Andre Godin, CPA, CA
President and CFO
(514) 331-7440 ext 203