IGXT IntelGenx Technologies Corporation (QB)

Item 1.01 Entry Into a Material Definitive Agreement.

On October 15, 2020 (the "Initial Closing Date"), IntelGenx Technologies Corp. (the "Company") closed the first tranche of a private placement in the United States (the "Private Placement") of up to $2,000,000 of 8% unsecured convertible notes (the "Notes"). Each Note bears interest at a rate of 8% (payable quarterly, in arrears, with the first payment being due on March 1, 2021), matures on October 15, 2024 and is convertible, after a six-month holding period from the Initial Closing Date, into common stock of the Company (the "Common Shares") at a conversion price of $0.18 per Common Share (the "Conversion Price"). The Notes issued on the Initial Closing Date pursuant to the Private Placement were issued for gross proceeds of $1,205,000. 

The Company intends to use the proceeds from the Private Placement for its general working capital purposes.

Cantone Research, Inc. ("Cantone") acted as placement agent in respect of the Private Placement.

In connection with the Private Placement, Cantone is entitled to 7% in cash based on gross proceeds accepted at any closing plus 4,000 non-transferable agents' warrants (the "Placement Agent Warrants") for each $10,000 of subscriptions accepted at each closing. The Placement Agent Warrants will be exercisable into Common Shares at the same price as the Conversion Price and will expire in two years from the Initial Closing Date.

The foregoing is a summary of certain material terms and conditions of the Notes and are not a complete discussion of such agreements. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the Form of Note attached to this Current Report on Form 8-K as Exhibits 10.1 and incorporated herein by reference.