On June 1, 2022 IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the "Company" or "IntelGenx") reported 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 (Press release, IntelGenx, JUN 1, 2022, View Source [SID1234615365]).

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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".