On July 28, 2021 IntelGenx Technologies Corp. (TSXV: IGX) (OTCQB: IGXT) (the "Company" or "IntelGenx") reported that it has received subscriptions from investors in the United States for U.S.$2.1 million principal amount of 8% convertible notes due July 31, 2025 (the "Notes") (Press release, IntelGenx, JUL 28, 2021, View Source [SID1234585302]). The Notes will bear interest at a rate of 8% per annum, payable quarterly, and will be convertible into shares of common stock of the Company (the "Shares") beginning 6 months after their issuance at a price of U.S.$0.40 per Share. The offering of the Notes (the "Offering") is subject to the approval of the TSX Venture Exchange, receiving an exemption from the prospectus requirement from the Autorité des marchés financiers, and other customary closing conditions. The Offering is expected to close on or about July 30, 2021.
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The Company intends to use the proceeds of the Offering to finance the Company’s Montelukast study.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction where not permitted by law. Any securities described in this announcement have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of a "U.S. person" as defined in Regulation S under the U.S. Securities Act, except in transactions exempt from, or not subject to, registration under the U.S. Securities Act and applicable state securities laws.