IntelGenx closes second tranche of convertible debenture financing

IntelGenx Technologies (OTCQX:IGXT; TSXV:IGX) closed a second tranche of its prospectus offering of convertible debentures, raising additional proceeds of CDN $762,000.

Together with more than CDN $6.8-million principal amount of debentures issued on July 12, the company has now issued a total of CDN $7.6-million at a price of $1,000 per debenture.

The 8% debentures mature on June 30, 2020. The conversion price of $1.35 a common share, represents a conversion rate of about 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 sole option of the company.

Net proceeds will be used for capital expansion, clinical studies, product development, and general working capital requirements.