atai, a significant shareholder and partner of the Company, subscribed, on the date hereof, for 750 US Units at a price of
All securities issued in connection with the Subsequent atai Subscription, including Shares issuable pursuant to the conversion of the US Notes or exercise of the US Warrants, are subject to a 6-month hold period, during which time trading in the securities is restricted in accordance with applicable securities laws.
Shareholder Approvals
The Company announced on
- the issuance of Shares at prices which may be less than the minimum price permitted under the rules of the TSX (the “Pricing Shareholder Approval”);
- the issuance of Shares in excess of 24.99% of the issued and outstanding Shares in connection with the Financing Transactions (the “General Shareholder Approval”); and
- the issuance of Shares to “insiders” of the Company (as such term is defined in the policies of the TSX) in excess of 9.99% of the issued and outstanding Shares in connection with the Financing Transactions (the “Insider Shareholder Approval” and together with the Pricing Shareholder Approval and the General Shareholder Approval, the “Shareholder Approvals”).
All matters were approved by the required majorities which, in the case of the Pricing Shareholder Approval and the Insider Shareholder Approval, excluded the votes attached to the Shares beneficially owned, directly or indirectly, by atai, in accordance with the rules of the TSX and applicable securities regulations.
Call Option
Further to the receipt by
Related Party Transaction
As previously disclosed by the Company, atai is an insider of the Company as a result of its beneficial ownership of, or control or direction over, directly or indirectly, greater than 10% of the outstanding Shares. The participation of atai in the Subsequent atai Subscription and the grant of the Call Option, both considered independently as well as together as a whole, constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) which, absent any available exemption, would require a formal valuation and minority approval under MI 61-101. Additional details on the related party transaction can be found in the material change report of the Company dated
About
IntelGenx’s superior film technologies, including VersaFilm®, DisinteQ™, VetaFilm® and transdermal VevaDerm™, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.
IntelGenx’s highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.
Forward-Looking Information
This document may contain forward-looking information which involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical fact, contained in this press release including, but not limited to, generally, the “About IntelGenx” paragraph which essentially describe the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” and are based on necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx’ actual results, objectives and plans could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading “Risk Factors” in IntelGenx’ annual report on Form 10-K, filed with the
For more information, please contact:
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com
Or
President and CFO
(514) 331-7440 ext 203
andre@intelgenx.com
Source:
2023 GlobeNewswire, Inc., source