By Devika Patel
Knoxville, Tenn., July 14 - IntelGenx Technologies Corp. said it has concluded a private placement of special warrants for about C$4.2 million. The deal priced for C$4.5 million on June 18.
The company sold about 10.5 million special warrants at C$0.40 apiece.
The special warrants are each convertible into one common share and one warrant, which will be exercisable at $0.80 for three years.
The deal was conducted by a syndicate of agents led by Paradigm Capital Inc. and including Union Securities Ltd. and Bolder Investment Partners, Ltd.
Proceeds will be used for commercialization and development of drugs, to repay convertible notes, for working capital and capital expenditures, and research and development.
Located in Saint Laurent, Quebec, IntelGenx develops oral controlled-release products, including smoking cessation products.
| Issuer: | IntelGenx Technologies Corp.
|
| Issue: | Special warrants exchangeable for common stock and warrants
|
| Amount: | C$4.2 million (approximate)
|
| Warrants: | 10.5 million (approximate)
|
| Price: | C$0.40
|
| Warrants: | One per special warrant
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.80
|
| Agents: | Paradigm Capital Inc. (lead), Union Securities Ltd. and Bolder Investment Partners, Ltd.
|
| Pricing date: | June 18
|
| Settlement date: | July 14
|
| Stock symbol: | TSX Venture: IGX
|
| Stock price: | C$0.44 at close June 18
|
| Market capitalization: | C$11.5 million
|
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