IntelGenx Announces Completion of Share Issuance in Payment of Principal and Interest on Debentures

Rhea-AI Summary

IntelGenx Technologies Corp. announced the issuance of 19,381,223 shares at a deemed price of C$0.2812 for the payment of C$5,450,000 in convertible debentures due June 30, 2022. Additionally, 573,684 shares were issued, valued at C$0.38 each, for C$218,000 in interest payments. The convertible debentures have been delisted from the Toronto Stock Exchange under the symbol IGX.DB as of the same date. IntelGenx is known for its innovative drug delivery systems and comprehensive pharmaceutical services.

Positive

• None.

Negative

• Dilution of existing shareholder equity due to issuance of new shares.
• Convertible debentures being delisted may limit future financing options.

SAINT LAURENT, Quebec, July 05, 2022 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the “Company” or “IntelGenx”) announces that, as previously disclosed on June 1, 2022 and in accordance with the terms of the trust indenture governing the Debentures (as defined below), as supplemented, it has issued (i) 19,381,223 shares of common stock of the Company (“Shares”) at a deemed price of C$0.2812 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) 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.

The Convertible Debentures, listed on the Toronto Stock Exchange under the symbol IGX.DB, have been delisted from trading as of the close of business on June 30, 2022.

About IntelGenx

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.

Source: IntelGenx Technologies Corp.

For more information, please contact:

Stephen Kilmer
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com

Or

Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com

FAQ

What did IntelGenx announce on July 5, 2022?

IntelGenx announced the issuance of shares to pay off convertible debentures and interest.

What is the stock symbol for IntelGenx on the Toronto Stock Exchange?

The stock symbol for IntelGenx on the Toronto Stock Exchange is IGX.

How many shares did IntelGenx issue to pay off its convertible debentures?

IntelGenx issued 19,381,223 shares to pay off its convertible debentures.

What is the deemed price of the shares issued by IntelGenx?

The deemed price of the shares issued by IntelGenx was C$0.2812.

What happened to IntelGenx's convertible debentures on June 30, 2022?

IntelGenx's convertible debentures were delisted from trading on the Toronto Stock Exchange.