IntelGenx completes sale of convertible debentures
IntelGenx Technologies (OTCQX:IGXT; TSXV:IGX) closed a previously announced prospectus offering of convertible unsecured subordinated debentures for gross proceeds of more than $6.8-million.
The 8% debentures will mature on June 30, 2020. The conversion price is $1.35 a common share, representing a conversion rate of approximately 740 shares per $1,000 principal amount of debentures.
The debentures are not redeemable prior to June 30, 2018. On or after that date, but prior to June 30, 2019, the debentures may be redeemed at the company's sole option.
IntelGenx intends to use the net proceeds for capital expansion, clinical studies, product development and general working capital requirements.