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| Press Release

Early Warning News Release

TORONTO, ON / ACCESSWIRE / September 13, 2018 / Following the close of markets on September 10, 2018, IntelliPharmaCeutics International Inc. (the "Company") issued to Drs. Isa and Amina Odidi, by way of private placement, an unsecured convertible debenture of the Company in consideration for, and in the aggregate principal amount of, USD$500,000 (the "Debenture"). The principal amount owing under the Debenture is convertible at any time and from time to time into common shares in the capital of the Company (the "Common Shares").Up to an aggregate of 1,666,667 Common Shares may be issued upon conversion of the Debenture, representing approximately 3.8% of the issued and outstanding Common Shares.

Immediately prior to the issuance of the Debenture, Drs. Isa and Amina Odidi beneficially owned 5,781,312 Common Shares held through Odidi Holdings Inc., which is jointly owned and controlled by Drs. Isa and Amina Odidi. Drs. Isa and Amina Odidi also jointly hold an unsecured convertible debenture of the Company in an aggregate principal amount outstanding of USD$1,350,000, the principal of which is convertible at any time into an aggregate of up to 450,000 Common Shares at a price of USD$3.00 per Common Share (the "Previous Debenture"). In addition, Drs. Isa and Amina Odidi also hold options to purchase up to an aggregate of 4,073,940 Common Shares, of which options to purchase up to 3,704,214 Common Shares are exercisable within 60 days.

Accordingly, immediately prior to the issuance of the Debenture, and assuming the exercise of all vested options and the conversion of the Previous Debenture, Drs. Isa and Amina Odidi beneficially owned an aggregate of 9,935,526 Common Shares, representing approximately 20.8% of the Company's outstanding Common Shares (calculated on a partially diluted basis to give effect to the exercise of the options and Previous Debenture referred to herein). Immediately following the issuance of the Debenture, and assuming the exercise of all vested options and the conversion of the Previous Debenture and the Debenture, Drs. Isa and Amina Odidi beneficially own an aggregate of 11,602,193 Common Shares, representing approximately 23.5% of the Company's outstanding Common Shares (calculated on a partially diluted basis to give effect to the exercise of the options, Previous Debenture and Debenture referred to herein).

The Debenture was acquired by Drs. Isa and Amina Odidi for investment purposes and to provide additional funds to the Company for working capital and general corporate purposes. Drs. Isa and Amina Odidi may increase or decrease their beneficial ownership of securities of the Issuer in the future, as they may consider appropriate in light of investment criteria, market conditions and other factors and in accordance with applicable securities legislation.

An early warning report with additional information in respect of the foregoing matters will be filed on the Company's SEDAR profile at www.SEDAR.com pursuant to Canadian securities laws. To obtain a copy of the early warning report you may contact Dr. Isa Odidi at +1 (416) 854-0909.

SOURCE: Dr. Isa Odidi



View source version on accesswire.com:
https://www.accesswire.com/511935/Early-Warning-News-Release