Company also announces plans for $1.5 million Canadian offering
By Devika Patel
Knoxville, Tenn., June 3 - IntelGenx Technologies Corp. said it has arranged a $1.66 million private placement of stock.
The company will sell 2,482,536 common shares at $0.67 per share. The price per share is a 12.99% discount to the June 2 closing share price of $0.77.
Investors also will receive warrants for 1,241,268 common shares, which are each exercisable at $0.74 for three years. The strike price is a 3.9% discount to the June 2 closing price.
In addition, the company said it will raise $1.5 million in a Canadian private placement with the same terms.
Settlement is expected June 17.
Proceeds will be used for general corporate purposes.
Located in Saint Laurent, Quebec, IntelGenx develops oral controlled-release products, including smoking-cessation products.
| Issuer: | IntelGenx Technologies Corp.
|
| Issue: | Common stock
|
| Amount: | $1,663,299
|
| Shares: | 2,482,536
|
| Price: | $0.67
|
| Warrants: | For 1,241,268 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.74
|
| Pricing date: | June 3
|
| Settlement date: | June 17
|
| Stock symbol: | OTCBB: IGXT
|
| Stock price: | $0.77 at close June 2
|
| Market capitalization: | $27.47 million
|
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