IntelGenx enters amended, restated loan agreement with atai Life Sciences

IntelGenx Technologies has entered into a third amended and restated loan agreement dated as of March 8, 2024 with atai Life Sciences, pursuant to which, among other things, atai has agreed to make one additional term loan in the amount of US$1,000,000 to IntelGenx Corp., which loan is to be disbursed within three business days of the execution of the Loan Agreement, and one additional term loan in the amount of US$1,000,000 to IntelGenx Corp., which loan is to be disbursed upon the achievement of a pre-defined milestone. The Additional Term Loans will mature on February 1, 2026. Subject to obtaining approval from the Toronto Stock Exchange, the Loan Agreement provides for the ability for atai to convert, from time to time, the principal outstanding under the First Tranche Loan into shares of common stock of the Company at a conversion price of US$0.185 per Share, and the principal outstanding under the Second Tranche Loan into Shares at a conversion price equal to the greater of the Conversion Price and the 5-day volume-weighted average price of the Shares on the TSX ending on the day preceding the disbursement by atai of the Second Tranche Loan to the Company or IntelGenx, less the maximum permissible discount under the applicable TSX rules. Additionally, and subject to approval of the TSX, the Company may elect, with the consent of atai, to pay any accrued but unpaid interest on the Additional Term Loans in Shares at a price per Share equal to the 5-day VWAP of the Shares ending on the day that is the second business day before the day the interest becomes due and payable, less the maximum permissible discount under the applicable TSX rules. Concurrently to entering into the Loan Agreement, the Company has issued 4,000,000 warrants to atai. The Warrants entitle atai to purchase Shares at a price of US$0.17 per Share, for a period of 36 months following their issuance. Furthermore, on December 5, 2023, atai made a loan in the amount of US$500,000 to the Company, which will mature on December 31, 2024.