IntelGenx Announces Intent – GuruFocus.com
SAINT LAURENT, Quebec, June 01, 2022 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX:IGX) (IGXT, financial) (the “Company” Where “Intel Genx”) announces its intention to (i) issue ordinary shares of the Company (“Shares”) in payment of the aggregate outstanding principal amount of C$5,450,000 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 CA$0.38 per share in payment of an aggregate of CA$218,000 of interest due on the debentures as of June 30, 2022.
Pursuant to the indenture governing the Debentures, as completed (the “Indenture), the Company has the option of (i) satisfying its obligation to repay all or part of the principal amount of the outstanding debentures by issuing and delivering shares at a deemed price of 95% of the current market price (as defined in the Indenture) of the Shares on the Maturity Date, and (ii) pay semi-annual interest on the Debentures in Shares (by dividing each $40 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 on the Shares), in each case subject to the customary terms set out in the Trust Deed. Debentureholders should refer to the Indenture, available under the Company’s profile on SEDAR at www.sedar.comfor a full description of the terms of the Debentures.
Issuance of the Shares in return for principal on the Debentures and payment of interest on the Debentures is subject to acceptance by the Toronto Stock Exchange (“TSX”). Shares issued in repayment of principal on 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 specializing in the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm®, DisinteQ™, VetaFilm™ and transdermal VevaDerm™, enable next-generation pharmaceuticals that address unmet medical needs. IntelGenx’s pipeline of innovative products provides significant benefits to patients and physicians for numerous therapeutic conditions.
IntelGenx’s highly skilled team provides comprehensive pharmaceutical services to pharma partners, including R&D, analytical method development, clinical oversight, intellectual property, and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab scale, pilot scale 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, goals, expectations, strategies, intentions, or other characterizations of future events or circumstances and are generally identified by the words “may”, “s ‘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 “Risk Factors” in IntelGenx’s Annual Report on Form 10-K, filed with the Securities and Exchange. United States Commission and available at www.sec.govand also filed with the Canadian securities authorities at www.sedar.com. IntelGenx undertakes no obligation to update these forward-looking statements.
Source: IntelGenx Technologies Corp.
For more information please contact:
André Godin, CPA, CA
President and Chief Financial Officer
(514) 331-7440 ext. 203