On Tuesday, IntelGenx Technologies Corp (OTCMKTS:IGXT) was in focus after the company announced that it had been successful in closing a private placement offering. The private placement had been made to some investors in the United States for convertible notes that would be due on March 1, 2027.
Trading Data
On Tuesday, IGXT stock jumped 2.57% to $0.1665 with more than 4.27K shares, compared to its average volume of 111.44K shares. The stock moved within a range of $0.1650 – 0.1681 after opening trade at $0.1681.
IntelGenx Announces Closing of Notes Offering
The company managed to raise total gross proceeds to the tune of $760,000 from the transaction. The notes in question are going to carry interest rate of 10% per year and IntelGenx Technologies would have to make the interest payments on a quarterly basis. It would also be possible to turn it into common shares of the company, six months after the date of issuance for the price of $0.20 a share.
The placement agent for the private placement was Cantone Research Inc. The proceeds from the private placement are expected to be used by the company to fund its Burenorphine and Rizaport initiatives.
In addition to that, some of the proceeds are also going to be deployed towards working capital needs. Cantone Research was paid a commission of $53,000 in cash for its role in the offering. It may be a good time to keep an eye on the IntelGenx Technologies stock.
