Quebec · CCAA
Report of the Proposed Monitor
Pre-filing report · 17 May 2024
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What we verified from this filing3 verified
- financial positionnote: Monitor's Report (para 20.4) states consolidated liabilities totalling $21.9M (rounded) and shareholders' capital of $69.2M with accumulated deficit/OCI of $84.5M as at March 31, 2024. Total assets of $6,548,000 per the interim financial statements' MD&A (Appendix A). Resulting shareholders' deficit of $15.4M as at March 31, 2024, up from $12.3M at Dec 31, 2023 and $3.4M at Dec 31, 2022. · page: 5 · as at: 2024-03-31 · basis: Unaudited draft/management-prepared consolidated interim financial statements; Monitor states these do not reflect adjustments to book value of assets for the contemplated restructuring nor liabilities that may arise from CCAA claims · scope: Consolidated - IntelGenx Technologies Corp. and its subsidiaries, including IntelGenx Corp. · currency: USD · total assets: 6548000 · total liabilities: 21900000
- secured creditorsnote: Related party: Atai is a significant shareholder/insider of IntelGenx Technologies Corp. (beneficial ownership/control >10% of outstanding shares) and is described in the Monitor's Report as the Applicants' 'principal secured creditor'. Term loan balance unchanged from Dec 31, 2023 to Mar 31, 2024. · page: 28 · as of: 2024-03-31 · amount: 500000 · debtor: IntelGenx Corp. · creditor: Atai Life Sciences AG · currency: USD · security: Secured term loan bearing interest at 14% per annum; granted December 5, 2023; principal and interest due from 35% of proceeds of each equity-financing closing, with any remaining balance due December 31, 2024.
- secured creditorsnote: Monitor's Report (May 17, 2024, para 22) describes this facility only as an '$8.5M' secured loan at 8% (rounded prose figure). Exact dated principal outstanding per Q1-2024 interim financial statements (Note 9) is $9.5M as at March 31, 2024, comprising the original $8.5M Loan Agreement plus a $1M First Tranche of an additional term loan disbursed within days of the March 8, 2024 Third Amended and Restated Loan Agreement. Carrying/book value (net of transaction costs and accretion) was $8,319,000; accrued interest $1,419,000, both as at March 31, 2024. A further $1M Second Tranche was disbursed April 19, 2024 (after quarter-end but before the May 17, 2024 CCAA filing) and is not reflected in the March 31, 2024 balance. Atai is a related party/insider of the Company (significant shareholder, >10% ownership, board nomination rights). · page: 29 · as of: 2024-03-31 · amount: 9500000 · debtor: IntelGenx Corp. (guaranteed by IntelGenx Technologies Corp.) · creditor: Atai Life Sciences AG · currency: USD · security: Secured by all present and future movable property, rights and assets of IntelGenx Corp., excluding intellectual property/technology (except non-licensed IP added by 2023 amendment); convertible into common shares at atai's option (US$0.185 conversion price); $8.5M tranche matures January 5, 2025; additional $1M First Tranche Term Loan matures February 1, 2026.