Document:

IntelGenx Technologies Corp.: Exhibit 4.1 - Filed by newsfilecorp.com

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS
SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

ISSUE DATE: ________, 2018 

INTELGENX TECHNOLOGIES CORP.
a corporation
incorporated under the laws of Delaware
and having its principal
office at
6420 Abrams
Ville St-Laurent, Quebec
H4S 1Y2 

	NO. _______________ 	_______________ WARRANTS 
		Each entitling the holder to acquire one
      (1) share 
of common stock of IntelGenx
      Technologies
Corp., subject to adjustment in
      certain 
ircumstances. 

WARRANTS 

THIS IS TO CERTIFY THAT for value received
__________________________or its assigns (the “Holder”) is the registered
holder of the number of warrants (the “Warrants”) stated above and is
entitled, for each whole Warrant represented hereby, to purchase one Share in
the capital of IntelGenx Technologies Corp. (the “Corporation”) at any
time from the date of issue hereof up to and including 5:00 p.m. (Toronto Time)
on June 1, 2021 (the “Expiry Time”) at a price per Share equal to
US$0.80, subject to adjustment hereunder (the “Exercise Price”), upon and
subject to the following terms and conditions. 

- 2 - 

Definitions 

	(a) 	
      “Bid Price” means, for any date, the price
      determined by the first of the following clauses that applies: (a) if the
      Shares are then listed or quoted on a Trading Market, the bid price of the
      Shares for the time in question (or the nearest preceding date) on the
      Trading Market on which the Shares are then listed or quoted as reported
      by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City
      time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a
      Trading Market, the volume weighted average price of the Shares for such
      date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c)
      if the Shares are not then listed or quoted for trading on OTCQB or OTCQX
      and if prices for the Shares are then reported in the “Pink Sheets”
      published by OTC Markets Group, Inc. (or a similar organization or agency
      succeeding to its functions of reporting prices), the most recent bid
      price per share of the Shares so reported, or (d) in all other cases, the
      fair market value of a Share as determined by an independent appraiser
      selected in good faith by the Purchasers of a majority in interest of the
      Securities then outstanding and reasonably acceptable to the Corporation,
      the fees and expenses of which shall be paid by the Corporation.

	 	 
	(b) 	
      “Current Market Price” of a Share at any date
      shall be calculated as the closing price of the Shares on the TSX Venture
      Exchange (or if the Corporation no longer trades on the TSX Venture
      Exchange the Corporation’s primary Trading Market) on the Trading Day
      prior to such date;

	 	 
	(c) 	
      “Shares” means the shares of common stock with a
      par value of US$0.00001 in the capital of the Corporation;

	 	 
	(d) 	
      “VWAP” means, for any date, the price determined
      by the first of the following clauses that applies: (a) if the Shares are
      then listed or quoted on a Trading Market, the daily volume weighted
      average price of the Shares for such date (or the nearest preceding date)
      on the Trading Market on which the Shares are then listed or quoted as
      reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
      York City time) to 4:02 p.m. (New York City time)), (b) if prices for the
      Shares are then reported in the “Pink Sheets” published by Pink OTC
      Markets, Inc. (or a similar organization or agency succeeding to its
      functions of reporting prices), the most recent Bid Price per Share so
      reported, or (c) in all other cases, the fair market value of a Share as
      determined by an independent appraiser selected in good faith by the
      Holders of a majority in interest of the Securities then outstanding and
      reasonably acceptable to the Corporation, the fees and expenses of which
      shall be paid by the Corporation.

	 	 
	(e) 	
      “Warrant Share” means one Share issuable upon
      exercise or deemed exercise of a Warrant.

Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in that certain Securities Purchase Agreement (the
“Purchase Agreement”), dated ________, 2018, among the Corporation and
the purchasers signatory thereto. 

	1. 	
      [Intentionally Omitted]

	 	 
	2. 	
      Exercise.

	 	(a) 	
      Exercise. At any time, or from time to time, at or
      prior to the Expiry Time (the “Exercise Period”), the Holder may
      exercise all or any number of whole Warrants represented hereby, upon
      delivering to the Corporation at its principal office by facsimile or
      e-mail (or e-mail attachment) noted above a duly completed and executed
      exercise notice in the form attached hereto as Schedule “B” (the
      “Exercise Notice”) evidencing the election (which on delivery to
      the Corporation shall be irrevocable except as provided in Section 2 and 4
      hereof) of the Holder to exercise the number of Warrants set forth in the
      Exercise Notice (which shall not be greater than the number of Warrants
      represented by this Warrant Certificate as adjusted from time to time
      pursuant to Sections 5 and 6 of this Warrant Certificate). Within the
      earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
      comprising the Standard Settlement Period (as defined in Section 2(b))
      following the date of exercise as aforesaid, the Holder shall deliver the
      aggregate Exercise Price for the Warrant Shares specified in the
applicable Exercise Notice by wire transfer or cashier’s check payable in United
States dollars. No ink-original Exercise Notice shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any Exercise
Notice be required. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant Certificate to the
Corporation until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Corporation for cancellation within three
(3) Trading Days of the date the final Exercise Notice is delivered to the
Corporation. Partial exercises of this Warrant resulting in purchases of a
portion of the total number of Warrant Shares available hereunder shall have the
effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased. The Holder and the Corporation shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. If the Holder
is not exercising all Warrants represented by this Warrant Certificate, the
Holder shall be entitled to receive upon the surrender of the original of this
Warrant Certificate, without charge, a new Warrant Certificate representing the
number of Warrants which is the difference between the number of Warrants
represented by the then original Warrant Certificate and the number of Warrants
being so exercised.

- 3 -

	 	(b) 	
      Delivery of Warrant Shares Upon Exercise. Warrant
      Shares purchased hereunder shall be transmitted by the Transfer Agent to
      the Holder by crediting the account of the Holder’s prime broker with The
      Depository Trust Company through its Deposit or Withdrawal at Custodian
      system (“DWAC”) if either (A) there is an effective registration
      statement permitting the issuance of the Warrant Shares to or resale of
      the Warrant Shares by the Holder or (B) the Warrant Shares are eligible
      for resale by the Holder without volume or manner-of-sale limitations
      pursuant to Rule 144, and otherwise by physical delivery of a certificate,
      registered in the Corporation’s share register in the name of the Holder
      or its designee, by the date that is the earliest of (A) two (2) Trading
      Days after the delivery to the Corporation of the Exercise Notice, or (B)
      the number of Trading Days comprising the Standard Settlement Period after
      the delivery to the Corporation of the Exercise Notice (such date, the
      “Warrant Share Delivery Date”), provided that under no
      circumstances shall the Corporation be required to cause the Warrant
      Shares to be delivered prior to the payment of the aggregate Exercise
      Price. If the Corporation does not have a current effective registration
      statement covering the sale or resale of the Shares at the time of
      exercise, the Corporation will be required to pay all of the holder’s
      reasonable expenses for compliance with applicable law and rules,
      including, but not limited to, Rule 144 promulgated by the Securities and
      Exchange Commission and any reasonable transaction or deposit fees imposed
      by the holder’s clearing broker. The Warrant Shares shall be deemed to
      have been issued, and Holder or any other person so designated to be named
      therein shall be deemed to have become a holder of record of such shares
      for all purposes, as of the date of delivery of the Exercise Notice,
      provided that payment to the Corporation of the Exercise Price and all
      taxes required to be paid by the Holder, if any, pursuant to Section 2(e)
      prior to the issuance of such shares, is received within the earlier of
      (i) two (2) Trading Days and (ii) the number of Trading Days comprising
      the Standard Settlement Period following delivery of the Exercise Notice.
      As used herein, “Standard Settlement Period” means the standard
      settlement period, expressed in a number of Trading Days, on the
      Corporation’s primary Trading Market in the United States with respect to
      the Common Stock as in effect on the date of delivery of the Notice of
      Exercise.

	 	 	 
	 	(c) 	
      Rescission Rights. If the Corporation fails to
      cause the Transfer Agent to transmit to the Holder the Warrant Shares
      pursuant to Section 2 by the second Business Day following the Warrant
      Share Delivery Date, then the Holder will have the right to rescind such
      exercise.

	 	 	 
	 	(d) 	
      Charges, Taxes and Expenses. Issuance of Warrant
      Shares shall be made without charge to the Holder for any issue or
      transfer tax or other incidental expense in respect of the issuance of
      such certificate, all of which taxes and expenses shall be paid by the
      Corporation, and such shall be issued in the name of the Holder or in such
      name or names as may be directed by the Holder; provided,
      however, that in the event certificates for Warrant Shares are to
      be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the a form of transfer, as
annexed hereto as Schedule “A” (the “Assignment Form”) duly executed by
the Holder and the Corporation may require, as a condition thereto, the payment
of a sum sufficient to reimburse it for any transfer tax incidental thereto. The
Corporation shall pay all Transfer Agent fees required for same-day processing
of any Exercise Notice. 

- 4 -

	 	(e) 	
      In the event that the Shares trade on the principal
      Trading Market in the United States at a price at or greater than $1.50
      per share for a period of 20 consecutive Trading Days at any time
      following the issuance of the Warrants and provided that there is an
      effective registration statement to cover the Warrants and the Warrant
      Shares, the Company may, in its sole discretion, accelerate the Expiry
      Time of the Warrants upon providing 60 days written notice of Company’s
      intention to accelerate the Expiry Time of the Warrants and in such case
      the Warrants will expire on the 60th day after the date on which such
      notice is given by the Company.

	3. 	
      Authorization; Authorized Shares. The Corporation
      represents and warrants that it is duly authorized and has the corporate
      and lawful power and authority to create and issue the Warrants and to
      perform its obligations hereunder and that this Warrant Certificate
      represents a valid, legal and binding obligation of the Corporation
      enforceable in accordance with its terms, and the Corporation further
      covenants and agrees that, until the Expiry Time, while any of the
      Warrants represented by this Warrant Certificate shall be outstanding: (a)
      it shall reserve and there shall remain unissued out of its authorized
      capital a sufficient number of Shares to satisfy the right of purchase
      herein provided, as such right of purchase may be adjusted pursuant to
      Sections 5 and 6 of this Warrant Certificate; (b) all Shares which shall
      be issued upon the exercise of the right to purchase herein provided for,
      upon payment therefor of the amount at which such Shares may at the time
      be purchased pursuant to the provisions hereof, shall be issued as fully
      paid and non-assessable shares and the holders thereof shall not be liable
      to the Corporation or its creditors in respect thereof; (c) the
      Corporation shall make all requisite filings under the Securities Act
      (Québec) and the regulations made thereunder including those necessary
      to remain a reporting issuer not in default of any requirement of such act
      and regulations and the Corporation shall use reasonable commercial
      efforts to file all reports required pursuant to the Securities Exchange
      Act of 1934, as amended (d) the Corporation shall use all reasonable
      efforts to preserve and maintain its corporate existence; and (e) the
      Corporation shall use all reasonable efforts to maintain the listing of
      the Shares (or any shares or securities, whether of the Corporation or
      another corporation or entity, into which the shares of common stock of
      the Corporation may from time to time be converted, reclassified or
      exchanged) on the TSX Venture Exchange or such other recognized stock
      exchange or quotation system on which the shares or common stock of the
      Corporation may trade, to the Expiry Time.

	 	 
	4. 	
      Holder’s Exercise Limitations. The Corporation
      shall not effect any exercise of this Warrant, and a Holder shall not have
      the right to exercise any portion of this Warrant, pursuant to Section 2
      or otherwise, to the extent that after giving effect to such issuance
      after exercise as set forth on the applicable Exercise Notice, the Holder
      (together with the Holder’s Affiliates, and any other Persons acting as a
      group together with the Holder or any of the Holder’s Affiliates (such
      Persons, “Attribution Parties”)), would beneficially own in excess
      of the Beneficial Ownership Limitation (as defined below). For purposes of
      the foregoing sentence, the number of Shares beneficially owned by the
      Holder and its Affiliates and Attribution Parties shall include the number
      of Shares issuable upon exercise of this Warrant with respect to which
      such determination is being made, but shall exclude the number of Shares
      which would be issuable upon (i) exercise of the remaining, nonexercised
      portion of this Warrant beneficially owned by the Holder or any of its
      Affiliates or Attribution Parties and (ii) exercise or conversion of the
      unexercised or nonconverted portion of any other securities of the
      Corporation (including, without limitation, any other Common Stock
      Equivalents) subject to a limitation on conversion or exercise analogous
      to the limitation contained herein beneficially owned by the Holder or any
      of its Affiliates or Attribution Parties. Except as set forth in the
      preceding sentence, for purposes of this Section 4, beneficial ownership
      shall be calculated in accordance with Section 13(d) of the Exchange Act
      and the rules and regulations promulgated thereunder, it being
      acknowledged by the Holder that the Corporation is not representing to the
      Holder that such calculation is in compliance with Section 13(d) of the
      Exchange Act and the Holder is solely responsible for any schedules
      required to be filed in accordance therewith. To the extent that the
      limitation contained in this Section 4 applies, the determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder together with
any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of
a Exercise Notice shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of
this Warrant is exercisable, in each case subject to the Beneficial Ownership
Limitation, and the Corporation shall have no obligation to verify or confirm
the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 4, in determining the number of outstanding Shares,
a Holder may rely on the number of outstanding Shares as reflected in (A) the
Corporation’s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Corporation or
(C) a more recent written notice by the Corporation or the Transfer Agent
setting forth the number of Shares outstanding. Upon the written or oral request
of a Holder, the Corporation shall within one Trading Day confirm orally and in
writing to the Holder the number of Shares then outstanding. In any case, the
number of outstanding Shares shall be determined after giving effect to the
conversion or exercise of securities of the Corporation, including this Warrant,
by the Holder or its Affiliates or Attribution Parties since the date as of
which such number of outstanding Shares was reported. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of Shares outstanding
immediately after giving effect to the issuance of Shares issuable upon exercise
of this Warrant. The Holder, upon not less than 61 days’ prior notice to the
Corporation, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 4, provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Shares outstanding immediately after
giving effect to the issuance of Shares upon exercise of this Warrant held by
the Holder and the provisions of this Section 4 shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Corporation. The
provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 4 to correct
this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make
changes or supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant. 

- 5 -

	5. 	
      Certain Adjustments. The Exercise Price and the
      number of Shares purchasable upon exercise shall be subject to adjustment
      from time to time in the events and in the manner provided as
    follows:

	 	(a) 	
      Share Reorganization. If during the Exercise
      Period the Corporation shall:

	 	(i) 	
      issue Shares or securities exchangeable for or
      convertible into Shares to holders of all or substantially all of its then
      outstanding Shares by way of stock dividend or other distribution,
    or

	 	 	 
	 	(ii) 	
      subdivide, redivide or change its outstanding Shares into
      a greater number of Shares, including dividends paid to holders of Shares
      in the form of additional Shares, or

	 	 	 
	 	(iii) 	
      consolidate, reduce or combine its outstanding Shares
      into a lesser number of Shares,

(any of such events in these paragraphs (i), (ii) and (iii)
being a “Share Reorganization”), then the Exercise Price shall be
adjusted as of the effective date or record date, as the case may be, at which
the holders of Shares are determined for the purpose of the Share Reorganization
by multiplying the Exercise Price in effect immediately prior to such effective
date or record date by a fraction, the numerator of which shall be the number of
Shares outstanding on such effective date or record date before giving effect to
such Share Reorganization and the denominator of which shall be the number of
Shares outstanding as of the effective date or record date after giving effect
to such Share Reorganization (including, in the case where securities
exchangeable for or convertible into Shares are distributed, the number of
Shares that would have been outstanding had such securities been fully exchanged
for or converted into Shares on such record date or effective date). From and
after any adjustment of the Exercise Price pursuant to this Section 5(a), the number of Shares purchasable pursuant to this Warrant
Certificate shall be adjusted contemporaneously with the adjustment of the
Exercise Price by multiplying the number of Shares then otherwise purchasable on
the exercise thereof by a fraction, the numerator of which shall be the Exercise
Price in effect immediately prior to the adjustment and the denominator of which
shall be the Exercise Price resulting from such adjustment. 

- 6 -

	 	(b) 	
      Rights Offering. If and whenever during the
      Exercise Period the Corporation shall fix a record date for the issue of
      rights, options or warrants to all or substantially all of the holders of
      Shares under which such holders are entitled, during a period expiring not
      more than 45 days after the record date for such issue (“Rights
      Period”), to subscribe for or purchase Shares or securities
      exchangeable for or convertible into Shares at a price per share to the
      holder (or having a conversion price or exchange price per Share) of less
      than the Current Market Price for the Shares on such record date (any of
      such events being called a “Rights Offering”), then the Exercise
      Price shall be adjusted, subject to a minimum Exercise Price equal to the
      Current Market Price on the date hereof, effective immediately after the
      end of the Rights Period to a price determined by multiplying the Exercise
      Price in effect immediately prior to the end of the Rights Period by a
      fraction:

	 	(i) 	
      the numerator of which shall be the aggregate
  of:

	 	(A) 	
      the number of Shares outstanding as of the record date
      for the Rights Offering, and

	 	 	 
	 	(B) 	
      a number determined by dividing
either

	 	I. 	
      the product of the number of Shares issued or subscribed
      for during the Rights Period and the price at which such Shares are
      offered,

or, as the case may be, 

	 	II. 	
      the product of the exchange or conversion price per share
      of such securities offered and the number of Shares for or into which the
      securities so offered pursuant to the Rights Offering have been exchanged
      or converted during the Rights Period,

by the Current Market Price of the Shares as of the record date
for the Rights Offering; and 

	 	(ii) 	
      the denominator of which shall be the number of Shares
      outstanding after giving effect to the Rights Offering and including the
      number of Shares actually issued or subscribed for during the Rights
      Period upon exercise of the rights, warrants or options under the Rights
      Offering or upon the exercise of the exchange or conversion rights
      contained in such exchangeable or convertible securities und5er the Rights
      Offering.

If the Holder has exercised any of the Warrants during the
period beginning immediately after the record date for a Rights Offering and
ending on the last day of the Rights Period, the Holder shall, in addition to
the Shares to which the Holder is otherwise entitled upon such exercise in
accordance with Section 2 hereof, be entitled to that number of additional
Shares equal to the result obtained when the difference, if any, resulting from
the subtraction of the Exercise Price as adjusted for such Rights Offering
pursuant to this Section 5(b) from the Exercise Price in effect immediately
prior to the end of such Rights Offering is multiplied by the number of Shares
purchased upon exercise of the Warrants held by such Holder during such period,
and the resulting product is divided by the Exercise Price as adjusted for such
Rights Offering pursuant to this Section 5(b); provided that the provisions of
Section 9 shall be applicable to any fractional interest in a Share to which
such Holder might otherwise be entitled under the foregoing provisions of this
Section 5(b). Such additional Shares shall be deemed to have
been issued to the Holder immediately following the end of the Rights Period and
a certificate for such additional Shares shall be delivered to such Holder
within three (3) Business Days following the end of the Rights Period. 

- 7 -

	 	(c) 	
      Special Distribution. If and whenever during the
      Exercise Period the Corporation shall issue or distribute to all or to
      substantially all the holders of the Shares:

	 	(i) 	
      securities of the Corporation including shares, rights,
      options or warrants to acquire shares of any class or securities
      exchangeable for or convertible into or exchangeable into any such shares
      or cash, property or assets and including evidences of its indebtedness,
      or

	 	 	 
	 	(ii) 	
      any cash, property or other
assets,

and if such issuance or distribution does not constitute
dividends paid in the ordinary course, a Share Reorganization or a Rights
Offering (any of such non-excluded events being herein called a “Special
Distribution”), the Exercise Price will be adjusted, subject to a minimum
Exercise Price equal to the Current Market Price on the date hereof, immediately
after such record date so that it will equal the rate determined by multiplying
the Exercise Price in effect on such record date by a fraction, of which the
numerator shall be the total number of Shares outstanding on such record date
multiplied by the Current Market Price on the earlier of such record date and
the date on which the Corporation announces its intention to make such
distribution, less the aggregate fair market value (as determined by the
directors, acting reasonably, at the time such distribution is authorized) of
such shares or rights, options or warrants or evidences of indebtedness or cash,
securities or other property or assets so distributed, and of which the
denominator shall be the total number of Shares outstanding on such record date
multiplied by such Current Market Price and the number of Shares to be issued by
the Corporation under the Warrants shall, at the time of exercise, be
appropriately adjusted. 

	 	(d) 	
      Capital Reorganization. If and whenever during the
      Exercise Period there shall be a reclassification of Shares at any time
      outstanding or a change of the Shares into other shares or into other
      securities (other than a Share Reorganization), or a consolidation,
      amalgamation, arrangement or merger of the Corporation with or into any
      other corporation or other entity (other than a consolidation,
      amalgamation, arrangement or merger which does not result in any
      reclassification of the outstanding Shares or a change of the Shares into
      other securities), or a transfer of the undertaking or assets of the
      Corporation as an entirety or substantially as an entirety to another
      corporation or other entity (any of such events being herein called a
      “Capital Reorganization”), the Holder, where he has not exercised
      the right of subscription and purchase under this Warrant Certificate
      prior to the effective date or record date, as the case may be, of such
      Capital Reorganization, shall be entitled to receive, and shall accept
      upon the exercise of such right for the same aggregate consideration, in
      lieu of the number of Shares to which such holder was theretofore entitled
      upon such exercise, the aggregate number of shares, other securities or
      other property which such holder would have been entitled to receive as a
      result of such Capital Reorganization if, on the effective date thereof,
      he had been the registered holder of the number of Shares to which such
      holder was theretofore entitled to subscribe for and purchase; provided
      however, that no such Capital Reorganization shall be carried into effect
      unless all necessary steps shall have been taken to so entitle the Holder.
      If determined appropriate by the board of directors of the Corporation,
      acting reasonably and in good faith, and subject to the prior written
      approval of the principal Canadian stock exchange or over-the-counter
      market on which the Shares are then listed or quoted for trading,
      appropriate adjustments shall be made as a result of any such Capital
      Reorganization in the application of the provisions set forth in this
      Section 5 with respect to the rights and interests thereafter of the
      Holder to the end that the provisions set forth in this Section 5 shall
      thereafter correspondingly be made applicable as nearly as may reasonably
      be necessary in relation to any shares, other securities or other property
      thereafter deliverable upon the exercise of any Warrant. Any such
      adjustments shall be made by and set forth in terms and
  conditions supplemental hereto approved by the board of directors of the
Corporation, acting reasonably and in good faith.

- 8 -

	 	(e) 	
      If and whenever at any time after the date hereof and
      prior to the Expiry Time, the Corporation takes any action affecting its
      Shares to which the foregoing provisions of this Section 5, in the opinion
      of the board of directors of the Corporation, acting reasonably and in
      good faith, are not strictly applicable, or if strictly applicable would
      not fairly adjust the rights of the Holder against dilution in accordance
      with the intent and purposes thereof, or would otherwise materially affect
      the rights of the Holder hereunder, then the Corporation shall execute and
      deliver to the Holder an amendment hereto providing for an adjustment in
      the application of such provisions so as to adjust such rights as
      aforesaid in such a manner as the board of directors of the Corporation
      may determine to be equitable in the circumstances, acting reasonably and
      in good faith. The failure of the taking of action by the board of
      directors of the Corporation to so provide for any adjustment on or prior
      to the effective date of any action or occurrence giving rise to such
      state of facts will be conclusive evidence that the board of directors has
      determined that it is equitable to make no adjustment in the
      circumstances.

	6. 	
      Procedures for Adjustments. The following rules
      and procedures shall be applicable to the adjustments made pursuant to
      Section 5:

	 	(a) 	
      The adjustments provided for in Section 5 are cumulative,
      and shall, in the case of adjustments to the Exercise Price be computed to
      the nearest one-tenth of one cent and shall be made successively whenever
      an event referred to therein shall occur, subject to the following
      paragraphs of this Section 6.

	 	 	 
	 	(b) 	
      No adjustment in the Exercise Price or in the number of
      Shares purchasable upon exercise of Warrants shall be made in respect of
      any event described in Section 5, other than the events referred to in
      Section 5(d), if the Holder is entitled to participate in such event on
      the same terms, mutatis mutandis, as if it had exercised its
      Warrants prior to or on the effective date or record date of such event.
      The terms of the participation of the Holder in such event shall be
      subject to the prior written approval of the principal Canadian stock
      exchange or over-the-counter market on which the Shares are then listed or
      quoted for trading or the approval of the OTC Markets Corporate Action
      Department, if applicable.

	 	 	 
	 	(c) 	
      No adjustment in the Exercise Price shall be made
      pursuant to Section 5 in respect of the issue from time to
  time:

	 	(i) 	
      of Shares purchasable on exercise of the Warrants
      represented by or issued concurrently with this Warrant
  Certificate;

	 	 	 
	 	(ii) 	
      of Shares pursuant to any stock option plan, stock
      purchase plan or benefit plan in force at the date hereof for directors,
      officers, employees, advisers or consultants of the Corporation, as such
      option or plan is amended or superseded from time to time in accordance
      with the requirements of the principal Canadian stock exchange or
      over-the- counter market on which the Shares are then listed or quoted for
      trading and applicable securities laws, and such other stock option plan,
      stock purchase plan or benefit plan as may be adopted by the Corporation
      in accordance with the requirements of the principal Canadian stock
      exchange or over-the-counter market on which the Shares are then listed or
      quoted for trading and applicable securities laws provided, however,
      that the exercise price or purchase price per Share to be issued under
      such plans will be no less that the Current Market Price on the date of
      such grant;

	 	 	 
	 	(iii) 	
      the payment of interest on any outstanding
  notes;

- 9 - 

	 	(iv) 	
      the issuance of securities in connection with strategic
      license agreements and other partnering arrangements; or

	 	 	 
	 	(v) 	
      full or partial consideration in connection with a
      strategic merger, consolidation or purchase of substantially all of the
      securities or assets of a corporation or other
entity;

and any such issue shall be deemed not to be a Share
Reorganization or Capital Reorganization

	 	(d) 	
      If the Corporation shall set a record date to determine
      the holders of the Shares for the purpose of entitling them to receive any
      dividend or distribution or any subscription or purchase rights and shall,
      thereafter and before the distribution to such stockholders of any such
      dividend, distribution or subscription or purchase rights, legally abandon
      its plan to pay or deliver such dividend, distribution or subscription or
      purchase rights, then no adjustment in the Exercise Price or the number of
      Shares purchasable upon exercise of any Warrant shall be required by
      reason of the setting of such record date.

	 	 	 
	 	(e) 	
      As a condition precedent to the taking of any action
      which would require any adjustment in any of the subscription rights
      pursuant to this Warrant Certificate, including the Exercise Price and the
      number or class of shares or other securities which are to be received
      upon the exercise thereof, the Corporation shall take any corporate action
      which may be necessary in order that the Corporation have unissued and
      reserved in its authorized capital and may validly and legally issue as
      fully paid and non-assessable all the shares or other securities which the
      Holder of such Warrant Certificate is entitled to receive on the full
      exercise thereof in accordance with the provisions hereof.

	 	 	 
	 	(f) 	
      In the absence of a resolution of the board of directors
      of the Corporation fixing a record date for any dividend or distribution
      referred to in Section 5(a)(i) or any Rights Offering or Special
      Distribution, the Corporation shall be deemed to have fixed as the record
      date therefor the date on which such dividend or distribution is
      effected.

	 	 	 
	 	(g) 	
      Any question or dispute that at any time or from time to
      time arises with respect to the amount of any adjustment to the Exercise
      Price or other adjustments pursuant to Section 5 shall be conclusively
      determined by a firm of independent chartered accountants (who may be the
      Corporation’s auditors) and shall be binding upon the Corporation and the
      Holder. Notwithstanding the foregoing, such determination shall be subject
      to the prior written approval of the principal Canadian stock exchange or
      over-the-counter market on which the Shares are then listed or quoted for
      trading. In the event that any such determination is made, the Corporation
      shall notify the Holder in the manner contemplated in Section 19
      describing such determination.

	7. 	
      Necessary Actions for Adjustments. On the
      happening of each and every such event set out in Section 5, the
      applicable provisions of this Warrant Certificate, including the Exercise
      Price, shall, ipso facto, be deemed to be amended accordingly and
      the Corporation shall take all necessary action so as to comply with such
      provisions as so amended.

	 	 
	8. 	
      Effective Date of Adjustments. In any case in
      which Section 5 shall require that an adjustment shall be effective
      immediately after a record date for an event referred to herein, the
      Corporation may defer, until the occurrence of such an
  event:

	 	(a) 	
      issuing to the Holder of any Warrant exercised after such
      record date and before the occurrence of such event, the additional Shares
      issuable upon such exercise by reason of the adjustment required by such
      event, and

	 	 	 
	 	(b) 	
      delivering to such Holder any distributions declared with
      respect to such additional Shares after such Exercise Date and before such
      event;

- 10 - 

provided, however, that the Corporation shall deliver or cause
to be delivered to such Holder, an appropriate instrument evidencing such
Holder’s right, upon the occurrence of the event requiring the adjustment, to an
adjustment in the Exercise Price or the number of Shares purchasable on the
exercise of any Warrant and to such distributions declared with respect to any
additional Shares issuable on the exercise of any Warrant. 

	9. 	
      Notice to Allow Exercise by Holder. At least 15
      Business Days prior to the effective date or record date, as the case may
      be, of any event which requires or might require adjustment in any of the
      subscription rights pursuant to this Warrant Certificate, including the
      Exercise Price and the number of Shares which are purchasable upon the
      exercise thereof, or such longer period of notice as the Corporation shall
      be required to provide holders of Shares in respect of any such event, the
      Corporation shall notify the Holder of the particulars of such event and,
      if determinable, the required adjustment and the computation of such
      adjustment. In case any adjustment for which such notice has been given is
      not then determinable, the Corporation shall promptly after such
      adjustment is determinable notify the Holder of the adjustment and the
      computation of such adjustment. The Holder shall remain entitled to
      exercise this Warrant during the period commencing on the date of such
      notice to the effective date of the event triggering such notice except as
      may otherwise be expressly set forth herein.

	 	 
	10. 	
      Maintenance of Principal Office. The Corporation
      shall maintain at its principal office a register of Holders in which
      shall be entered the names and addresses of the Holders of the Warrants
      and of the number of Warrants held by them. Such register shall be open at
      all reasonable times for inspection by the Holder. The Corporation shall
      notify the Holder forthwith of any change of address of the principal
      office of the Corporation.

	 	 
	11. 	
      No Fractional Shares. The Corporation shall not be
      required to issue fractional Shares in satisfaction of its obligations
      hereunder. If any fractional interest in a Share would, except for the
      provisions of this Section 11, be deliverable upon the exercise of a
      Warrant, the Corporation shall in lieu of delivering the fractional Shares
      therefor satisfy the right to receive such fractional interest by payment
      to the holder of such Warrant of an amount in cash equal (computed in the
      case of a fraction of a cent to the next lower cent) to the value of the
      right to acquire such fractional interest on the basis of the Current
      Market Price at the Exercise Date.

	 	 
	12. 	
      Legal Proceedings. Subject as herein provided, all
      or any of the rights conferred upon the Holder by the terms hereof may be
      enforced by the Holder by appropriate legal proceedings.

	 	 
	13. 	
      New Warrants. The registered Holder of this
      Warrant Certificate may at any time up to and including the Expiry Time,
      upon the surrender hereof to the Corporation at its principal office,
      exchange this Warrant Certificate for one or more Warrant Certificates
      entitling the Holder to subscribe in the aggregate for the same number of
      Shares as is expressed in this Warrant Certificate. Any Warrant
      Certificate tendered for exchange shall be surrendered to the Corporation
      and cancelled.

	 	 
	14. 	
      Loss, Theft, Destruction or Mutilation of Warrant.
      If this Warrant Certificate becomes stolen, lost, mutilated or destroyed,
      the Corporation shall, on such terms as it may in its discretion acting
      reasonably impose, issue and deliver to the Holder a new Warrant
      Certificate of like denomination, tenor and date as the Warrant
      Certificate so stolen, lost, mutilated or destroyed.

	 	 
	15. 	
      Transferability. This Warrant Certificate and the
      Warrants represented hereby are transferable subject to compliance with
      all applicable laws.

	 	 
	16. 	
      Restrictions on Transfers. No transfer of Warrants
      shall be valid unless made by the Holder or its executors, administrators
      or other legal representatives or its attorney duly appointed by an
      instrument in writing in form and execution satisfactory to the
      Corporation upon compliance with reasonable and customary requirements as
      the Corporation may prescribe, including compliance with all applicable
      securities legislation, and recorded on the register of holders of
      Warrants maintained by the Corporation, nor until stamp or governmental or
      other charges arising by reason of such transfer have been paid. The
      transferee of a Warrant shall, after the Form of Transfer in the form
      attached hereto is duly completed and the Warrant is lodged with the
      Corporation and upon compliance with all other reasonable requirements
      of the Corporation and the transferor or any previous holder of
such Warrant, save in respect of equities of which the Corporation is required
to take notice by statute or by order of a court of competent jurisdiction. The
Corporation may treat the registered holder of any Warrant certificate as the
absolute owner of the Warrants represented thereby for all purposes, and the
Corporation shall not be affected by any notice or knowledge to the contrary
except where the Corporation is required to take notice by statute or by order
of a court of competent jurisdiction. Nothing contained herein shall
confer any right upon the registered holder hereof or any other person to
subscribe for or purchase any shares of the Corporation at any time subsequent
to the Expiry Time. Nothing herein contained or done pursuant hereto shall
obligate the Holder to purchase or pay for or the Corporation to issue any
securities except those Shares in respect of which the Holder shall have
exercised its right to purchase hereunder in the manner provided herein. All
warrants of the Corporation shall rank pari passu, notwithstanding the
actual date of the issue thereof. After the Expiry Time this Warrant Certificate
and all rights hereunder shall be void and of no value. 

- 11 -

	17. 	
      No Rights as Stockholder Until Exercise. Except as
      expressly set out herein, the holding of this Warrant Certificate or the
      Warrants represented hereby shall not constitute a Holder hereof a holder
      of Shares nor entitle it to any right of interest in respect
    thereof.

	 	 
	18. 	
      Severability. If any one or more of the provisions
      or parts thereof contained in this Warrant should be or become invalid,
      illegal or unenforceable in any respect in any jurisdiction, the remaining
      provisions or parts thereof contained herein shall be and shall be
      conclusively deemed to be, as to such jurisdiction, severable therefrom
      and:

	 	(a) 	
      the validity, legality or enforceability of such
      remaining provisions or parts thereof shall not in any way be affected or
      impaired by the severance of the provisions or parts thereof severed;
      and

	 	 	 
	 	(b) 	
      the invalidity, illegality or unenforceability of any
      provision or part thereof contained in this Warrant Certificate in any
      jurisdiction shall not affect or impair such provision or part thereof or
      any other provisions of this Warrant Certificate in any other
      jurisdiction.

	19. 	
      Notices. Any notice, document or communication
      required or permitted by this Warrant to be given by a party hereto shall
      be in writing and is sufficiently given if delivered personally, or if
      sent by prepaid registered mail, or if transmitted by any form of recorded
      telecommunication rested prior to transmission, to such party addressed as
      follows:

	 	(a) 	
      to the Holder, in the register to be maintained pursuant
      to section 10 hereof; and

	 	 	 
	 	(b) 	
      to the Corporation at:

IntelGenx Technologies Corp.

6420 Abrams 
Ville St-Laurent, Québec
H4S 1Y2 

	 	Attention: 	Corporate Secretary 
	 	Telecopier: 	(514) 331-0436 
	 	Email: 	ingrid@intelgenx.com

	20. 	
      Time is of the essence hereof.

	 	 
	21. 	
      Successors and Assigns. This Warrant Certificate
      shall enure to the benefit of the Holder and his heirs, executors,
      administrators, legal personal representatives, permitted assigns and
      successors is binding upon the Corporation and its successors and
      assigns.

	 	 
	22. 	
      Remedies. The Holder, in addition to being
      entitled to exercise all rights granted by law, including recovery of
      damages, will be entitled to specific performance of its rights under this
      Warrant. The Corporation agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions
of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate. 

- 12 -

	23. 	
      Governing Law. All questions concerning the
      construction, validity, enforcement and interpretation of this Warrant
      shall be governed by and construed and enforced in accordance with the
      internal laws of the State of Delaware, without regard to the principles
      of conflict of laws thereof. Each party agrees that all legal proceedings
      concerning the interpretation, enforcement and defense of this Warrant
      shall be commenced in the state and federal courts sitting in Wilmington,
      Delaware (the “Delaware Courts”). Each party hereto hereby
      irrevocably submits to the exclusive jurisdiction of the Delaware Courts
      for the adjudication of any dispute hereunder or in connection herewith or
      with any transaction contemplated hereby or discussed herein (including
      with respect to the enforcement of any of the Transaction Documents), and
      hereby irrevocably waives, and agrees not to assert in any suit, action or
      proceeding, any claim that it is not personally subject to the
      jurisdiction of such Delaware Courts, or such Delaware Courts are improper
      or inconvenient venue for such proceeding. Each party hereto hereby
      irrevocably waives, to the fullest extent permitted by applicable law, any
      and all right to trial by jury in any legal proceeding arising out of or
      relating to this Warrant. If any party shall commence an action or
      proceeding to enforce any provisions of this Warrant, then the prevailing
      party in such action or proceeding shall be reimbursed by the other party
      for its attorneys’ fees and other costs and expenses incurred in the
      investigation, preparation and prosecution of such action or
      proceeding.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF this Warrant Certificate has been
executed on behalf of IntelGenx Technologies Corp. as of the __ day of
_________2018. 

	INTELGENX TECHNOLOGIES CORP. 
	 
	 
	 
	By: 	 
		Horst G. Zerbe 
		President and Chief Executive
      Officer 

SCHEDULE “A” 

FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto (name) 

	(the
      “Transferee”), 
	 
	 
	 
	(Residential Address of Transferee) 

___________________________Warrants of IntelGenx Technologies
Corp. (the “Corporation”) registered in the name of the undersigned on the
records of the Corporation represented by the within Warrant Certificate, and
irrevocably appoints the Secretary of the Corporation as the attorney of the
undersigned to transfer the said securities on the books or register of
transfer, with full power of substitution. 

In connection with this transfer, the Transferee is delivering
a written opinion of U.S. counsel to the effect that this transfer of Warrants
has been registered under the Securities Act or is exempt from registration
thereunder. 

DATED the_______________day of _____________________,
20___________ . 

	Signature Guaranteed
    		(Signature of Warrant holder, to be the same as appears on the
      fact of this Warrant Certificate) 
	 	 	 
	 	 	 
		 	Print Name  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
		 	Address

SCHEDULE “B” 

EXERCISE NOTICE 

	TO: 	INTELGENX TECHNOLOGIES CORP. 
	  	6420 Abrams 
	  	Ville St-Laurent, Quebec 
	  	H4S 1Y2 
	 	Email:   	ingrid@intelgenx.com 

The undersigned registered Holder of
the attached Warrant Certificate, hereby: 

subscribes for
_________________________________
shares of common stock (“Shares”) (or such
number of Shares or other securities or property to which such subscription
entitles the undersigned in lieu thereof or in addition thereto under the
Warrant Certificate) of IntelGenx Technologies Corp. (the “Corporation”) at the
price per Share in United States funds equal to US$____ (or such adjusted price
which may be in effect under the provisions of the Warrant Certificate) 

Payment shall take the form of lawful
money in the United States; and 

The undersigned hereby directs that
the said Shares be registered as follows: 

	 	 	Name(s) in full
    		Address(es)
(including Postal Code) or DWAC
Account
      Number 		Number of
Shares 

Total:________

(Please print full name in which share certificates are to
be issued. If any of the Shares are to be issued to a person or persons other
than the Holder, the Holder must pay to the Corporation all requisite taxes or
other governmental charges.) 

In connection with this exercise, the
undersigned (check one): 

_____1. has delivered to the
Corporation an opinion of counsel (which will not be sufficient unless it is
from counsel of recognized standing and in form and substance satisfactory to
the Corporation) to the effect that the securities are registered pursuant to
the Securities Act or an exemption from the registration requirements of the
Securities Act and applicable state securities laws is available; or 

_____2. represents to the Corporation
that (i) the undersigned is a U.S. Person or a person in the United States, (ii)
the undersigned was the original subscriber for the Warrants from the
Corporation or is a transferee pursuant to Section 16 of this Warrant, and (iii)
the undersigned is an accredited investor on the date hereof. 

DATED this____________day of___________________ , 20______ .

	(Signature of
      Subscriber) 
	 
	 
	(Print Name of Subscriber) 
	 
	(Address of Subscriber in full)IntelGenx Technologies Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated
as of May 8, 2018, between IntelGenx Technologies Corp., a Delaware corporation
(the “Company”), and each purchaser identified on the signature pages
hereto (each, including its successors and assigns, a “Purchaser” and
collectively, the “Purchasers”). 

WHEREAS, subject to the terms and conditions set forth in this
Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as
amended (the “Securities Act”), and Rule 506(b) promulgated thereunder
and in accordance with Canadian Securities Laws, the Company desires to issue
and sell to each Purchaser, and each Purchaser, severally and not jointly,
desires to purchase from the Company, securities of the Company as more fully
described in this Agreement. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants
contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each
Purchaser agree as follows: 

ARTICLE I.
DEFINITIONS 

1.1      Definitions. In addition to
the terms defined elsewhere in this Agreement, for all purposes of this
Agreement, the following terms have the meanings set forth in this Section 

 “Affiliate” means any
Person that, directly or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with a Person, as such terms are
used in and construed under Rule 405 under the Securities Act.

“Business Day” means any day
except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or any day on which banking institutions in the State of New York,
Canada or Quebec are authorized or required by law or other governmental action
to close. 

“Canadian Securities
Administrators” means the securities commissions in Canada with primary
responsibility for the administration of Canadian Securities Laws in their
respective provinces or territories. 

“Canadian Securities Laws”
means, collectively, all applicable securities legislation of each of the
provinces and territories of Canada and the respective rules and regulations
under such laws together with applicable published instruments, policies,
notices and orders of the Canadian Securities Administrators. 

“Closing” means, means the
closing of the purchase and sale of the Securities pursuant to Section 2.1. 

“Closing Date” means the Trading
Day on which all of the Transaction Documents have been executed and delivered
by the applicable parties thereto, and all conditions precedent to (i) the
Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to
deliver the Securities, in each case, have been satisfied or waived, but in no
event later than the second Trading Day following the date hereof. 

1

“Code” means the United States
Internal Revenue Code of 1986, as amended. 

“Commission” means the United
States Securities and Exchange Commission. 

“Common Stock” means the common
stock of the Company, par value $0.00001 per share, and any other class of
securities into which such securities may hereafter be reclassified or
changed.

“Company Counsel” means Dorsey
& Whitney LLP, with offices located at TD Canada Trust Tower, Brookfield
Place, 161 Bay Street, Suite 4310, Toronto, ON M5J 2S1.

“Conversion Shares” means Common
Stock isusable upon conversion of the Notes. 

“Disclosure Schedules” means the
disclosure schedules delivered by the Company to the Purchasers concurrently
with the execution of this Agreement. 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 

“FATCA” means Sections 1471
through 1474 of the Code and any current or future regulations promulgated
thereunder or official interpretations thereof, and including any agreements
entered into pursuant to Section 1471(b) of the Code or applicable
intergovernmental agreements. 

“FATCA Withholding Tax” means
any withholding taxes imposed on or in respect of any Note pursuant to FATCA.

“Liens” means a lien, charge,
pledge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction. 

“Material Adverse Effect” shall
have the meaning assigned to such term in Section 3.1(b) . 

“Notes” means 6% subordinated
convertible unsecured promissory note due June 1, 2021, issued by the Company.

“Noteholder FATCA Information”
means information sufficient to eliminate the imposition of, or determine the
amount of, U.S. withholding tax under FATCA. 

“Noteholder Tax Identification
Information” means properly completed and signed tax certifications
(generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable
successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the
appropriate IRS Form W-8 (or applicable successor form) in the case of a person
that is not a “United States Person” within the meaning of Section 7701(a)(30)
of the Code). 

2

“Person” means an individual or
  corporation, partnership, trust, incorporated or unincorporated association,
  joint venture, limited liability company, joint stock company, government (or an
agency or subdivision thereof) or other entity of any kind. 

“Placement Agent” means Cantone
Securities Inc. 

“Proceeding” means an action,
claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), whether
commenced or threatened. 

“Registration Rights Agreement”
means the Registration Rights Agreement, dated on or about the date hereof,
among the Company and the Purchasers, in the form of Exhibit B attached
hereto. 

“Registration Statement” means a
registration statement meeting the requirements set forth in the Registration
Rights Agreement and covering the resale by the Purchasers of the Shares and the
Warrant Shares. 

“Required Approvals” means any
consent, waiver, authorization or order of, give any notice to, or make any
filing or registration with, any court or other federal, state, local,
provincial or other governmental authority or other Person in connection with
the execution, delivery and performance by the Company of the Transaction
Documents. 

“Rule 144” means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended or interpreted from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same purpose and
effect as such Rule.

“Securities” means the Shares,
the Warrants, the Warrant Shares, the Notes and the Conversion Shares. 

“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 

“Shares” means the shares of
Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

“Short Sales” means all “short
sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but
shall not be deemed to include the location and/or reservation of borrowable
shares of Common Stock). 

“Subscription Amount” means, as
to each Purchaser, the aggregate amount to be paid for the Notes, Shares and
Warrants purchased hereunder as specified below such Purchaser’s name on the
signature page of this Agreement and next to the heading “Subscription Amount,” in immediately available funds. All
dollar amounts in this Agreement are in United States dollars. 

3

“Subsidiary” means any material
  subsidiary of the Company as set forth on Schedule 3.1(a) and shall,
  where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof. 

“Trading Day” means a day on
which the Company’s principal US Trading Market is open for trading. 

“Trading Market” means any of
the following markets or exchanges on which the Common Stock is listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange, the TSX Venture Exchange, OTCQB or OTCQX (or any successors to
any of the foregoing). 

“Transaction Documents” means
this Agreement, the Warrants, the Notes, the Registration Rights Agreement, all
exhibits and schedules thereto and any other documents or agreements executed in
connection with the transactions contemplated hereunder. 

 “Transfer Agent” means
StockTrans, the current transfer agent of the Company, with a mailing address of
44 W. Lancastor Avenue, Ardmore, Pennsylvania 19003 and a facsimile number of
(610) 649-7302, and any successor transfer agent of the Company. 

 “Unit” means a unit which
consists of (i) $5,000 principal amount of Notes (ii) 7940 Shares, and (iii)
7690 Warrants.

“Warrant Shares” means the
shares of Common Stock issuable upon exercise of the Warrants. 

“Warrants” means the Common
Stock purchase warrants delivered to the Purchaser at each Closing in accordance
with Section 2.2(a), which Warrants shall be exercisable immediately and expire
on June 1, 2021, in the form of Exhibit A attached hereto. 

ARTICLE II.
PURCHASE AND SALE 

2.1      Closing. On the Closing
Date, upon the terms and subject to the conditions set forth herein,
substantially concurrent with the execution and delivery of this Agreement by
the parties hereto, the Company agrees to sell, and the Purchasers, severally
and not jointly, agree to purchase, up to an aggregate of $4,000,000 of Units.
Each Purchaser shall deliver to the Placement Agent, via wire transfer or a
certified check, immediately available funds equal to such Purchaser’s
Subscription Amount as set forth on the signature page hereto executed by such
Purchaser, and the Company shall deliver to each Purchaser its respective
Securities, as determined pursuant to Section 2.2(a), and the Company and each
Purchaser shall deliver the other items set forth in Section 2.2 deliverable at
the Closing. Upon satisfaction of the covenants and conditions set forth in
Section 2.3, the Closing shall occur at the offices of Dorsey & Whitney LLP,
Toronto, Ontario or such other location as the parties shall mutually agree or
pursuant to an electronic closing. 

4

2.2      Deliveries. 

(a)     On or prior
to the Closing Date (except as noted), the Company shall deliver or cause to be
delivered to each Purchaser the following: 

 (i)     as to the
Closing, this Agreement duly executed by the Company;

 (ii)     as
to the Closing, a copy of the irrevocable instructions to the Transfer Agent
instructing the Transfer Agent to deliver, on an expedited basis, a certificate
evidencing a number of Shares equal to such Purchaser’s Subscription Amount
divided by the per Unit purchase price multiplied by, registered in the name of
such Purchaser; 

(iii)     as to
the Closing, for each Unit acquired, a Warrant expiring June 1, 2021, registered
in the name of such Purchaser to purchase up to 7690 shares of Common Stock,
with an exercise price equal to $0.80, subject to adjustment therein; 

(iv)     as to the
Closing, a Note registered in the name of such Purchaser; and 

(v)     as to the
Closing, the Registration Rights Agreement duly executed by the Company. 

(b)     On or prior
to the Closing Date (except as noted), each Purchaser shall deliver or cause to
be delivered to the Company or the Placement Agent, as applicable, the
following: 

 (i)     as to the
Closing, this Agreement duly executed by such Purchaser; 

 (ii)     as to the
Closing, to the Placement Agent, such Purchaser’s Subscription Amount by wire
transfer to the account specified in Appendix A; and 

 (iii)     as to
the Closing, the Registration Rights Agreement duly executed by such Purchaser.

2.3      Closing Conditions.

 (a)     The
obligations of the Company hereunder in connection with the Closing are subject
to the following conditions being met: 

5

 (i)     the
accuracy in all material respects (or, to the extent representations or
warranties are qualified by materiality or Material Adverse Effect, in all
respects) on the Closing Date of the representations and warranties of the
Purchasers contained herein (unless as of a specific date therein in which case
they shall be accurate as of such date); 

 (ii)     all
obligations, covenants and agreements of each Purchaser required to be performed
at or prior to the Closing Date shall have been performed;

 (iii)    
the Company having obtained conditional acceptance of the issuance and listing
of the Shares, Warrant Shares and Conversion Shares on the TSX Venture Exchange,
subject to only customary post-closing requirements; and 

 (iv)     the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this
Agreement. 

 (b)     The
respective obligations of the Purchasers hereunder in connection with the
Closing are subject to the following conditions being met: 

 (i)     the
accuracy in all material respects (or, to the extent representations or
warranties are qualified by materiality or Material Adverse Effect, in all
respects) when made and on the Closing Date of the representations and
warranties of the Company contained herein (unless as of a specific date therein
in which case they shall be accurate as of such date); 

 (ii)     all
obligations, covenants and agreements of the Company required to be performed at
or prior to the Closing Date shall have been performed; 

 (iii)     the
delivery by the Company of the items set forth in Section 2.2(a) of this
Agreement; 

 (iv)     the
Company having obtained conditional acceptance of the issuance and listing of
the Shares, Warrant Shares and Conversion Shares on the TSX Venture Exchange,
subject to only customary post-closing requirements; and 

ARTICLE III.
REPRESENTATIONS AND WARRANTIES

3.1      Representations and Warranties
of the Company. Except as set forth herein or in the Disclosure Schedules,
which Disclosure Schedules shall be deemed a part hereof and shall qualify any
representation or otherwise made herein to the extent of the disclosure
contained in the corresponding section of the Disclosure Schedules, the Company
hereby makes the following representations and warranties to each Purchaser as
of the date hereof and as of the Closing Date (unless as of a specific date
therein):

 (a)    
Subsidiaries. The Company owns, directly or indirectly, all of the
capital stock or other equity interests of each Subsidiary free and clear of any
Liens, and all of the issued and outstanding shares of capital stock of each
Subsidiary are validly issued and are fully paid, non-assessable and free of
preemptive and similar rights to subscribe for or purchase securities.

6

 (b)    
  Organization and Qualification. The Company and each of the Subsidiaries
  is an entity duly incorporated or otherwise organized, validly existing and in
  good standing under the laws of the jurisdiction of its incorporation or
  organization, with the requisite power and authority to own and use its
  properties and assets and to carry on its business as currently conducted.
  Neither the Company nor any Subsidiary is in material violation nor default of
  any of the provisions of its respective certificate or articles of
  incorporation, bylaws or other organizational or charter documents. Each of the
  Company and the Subsidiaries is duly qualified to conduct business and is in
  good standing as a foreign corporation or other entity in each jurisdiction in
  which the nature of the business conducted or property owned by it makes such
  qualification necessary, except where the failure to be so qualified or in good
  standing, as the case may be, could not have or reasonably be expected to result
  in: (i) a material adverse effect on the legality, validity or enforceability of
  any Transaction Document, (ii) a material adverse effect on the results of
  operations, assets, business, prospects or condition (financial or otherwise) of
  the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse
  effect on the Company’s ability to perform in any material respect on a timely
  basis its obligations under any Transaction Document (any of (i), (ii) or (iii),
  a “Material Adverse Effect”) and no Proceeding has been instituted
  in any such jurisdiction revoking, limiting or curtailing or seeking to revoke,
limit or curtail such power and authority or qualification. 

 (c)    
Authorization; Enforcement. The Company has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and each of the other Transaction Documents and otherwise to
carry out its obligations hereunder and thereunder. The execution and delivery
of this Agreement and each of the other Transaction Documents by the Company and
the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, the Company’s board of directors or
the Company’s stockholders in connection herewith or therewith other than in
connection with the Required Approvals. This Agreement and each other
Transaction Document to which it is a party has been (or upon delivery will have
been) duly executed by the Company and, when delivered in accordance with the
terms hereof and thereof, will constitute the valid and binding obligation of
the Company enforceable against the Company in accordance with its terms,
except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and
contribution provisions may be limited by applicable law. 

 (d)     No
Conflicts. The execution, delivery and performance by the Company of this
Agreement and the other Transaction Documents to which it is a party, the
issuance and sale of the Securities and the consummation by it of the
transactions contemplated hereby and thereby do not and will not: (i)
conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or
charter documents, or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, result
in the creation of any Lien upon any of the properties or assets of the Company
or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company
or Subsidiary debt or otherwise) or other understanding to which the Company or
any Subsidiary is a party or by which any property or asset of the Company or
any Subsidiary is bound or affected, or (iii) subject to the Required Approvals,
conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental
authority to which the Company or a Subsidiary is subject (including federal and
state securities laws and regulations), or by which any property or asset of the
Company or a Subsidiary is bound or affected; except in the case of each of
clauses (ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect. 

7

 (e)     Issuance
  of the Securities. The Securities are duly authorized and, when issued and
  paid for in accordance with the applicable Transaction Documents, will be duly
  and validly issued, fully paid and nonassessable, free and clear of all Liens
  imposed by the Company, other than restrictions on transfer provided for in the
  Transaction Documents. The Warrant Shares, when issued in accordance with the
  terms of the Warrants, will be validly issued, fully paid and nonassessable,
  free and clear of all Liens imposed by the Company, other than restrictions on
  transfer provided for in the Transaction Documents. The Company has reserved
  from its duly authorized capital stock the maximum number of shares of Common
Stock issuable pursuant to this Agreement, the Warrants and the Notes. 

3.2      Representations and Warranties
of the Purchasers. Each Purchaser, for itself and for no other Purchaser,
hereby represents and warrants as of the date hereof and as of the Closing Date
to the Company as follows (unless as of a specific date therein, in which case
they shall be accurate as of such date): 

 (a)    
Organization; Authority. If such Purchaser is not an individual it is an
entity duly incorporated or formed, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or formation with full right,
corporate, partnership, limited liability company or similar power and authority
to enter into and to consummate the transactions contemplated by the Transaction
Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of the Transaction Documents and performance by such
Purchaser of the transactions contemplated by the Transaction Documents have
been duly authorized by all necessary corporate, partnership, limited liability
company or similar action, as applicable, on the part of such Purchaser. Each
Transaction Document to which it is a party has been duly executed by such
Purchaser, and when delivered by such Purchaser in accordance with the terms
hereof, will constitute the valid and legally binding
obligation of such Purchaser, enforceable against it in accordance with its
terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and
contribution provisions may be limited by applicable law. 

8

 (b)     Own
  Account. Such Purchaser understands that the Securities are “restricted
  securities” and have not been registered under the Securities Act or any
  applicable state securities law or Canadian Securities Laws and is acquiring the
  Securities as principal for its own account and not with a view to or for
  distributing or reselling such Securities or any part thereof in violation of
  the Securities Act, any applicable state securities law, has no present
  intention of distributing any of such Securities in violation of the Securities
  Act, any applicable state securities law and has no direct or indirect
  arrangement or understandings with any other persons to distribute or regarding
  the distribution of such Securities in violation of the Securities Act, any
  applicable state securities law or applicable Canadian Securities Laws (this
  representation and warranty not limiting such Purchaser’s right to sell the
  Securities pursuant to the Registration Statement or otherwise in compliance
  with applicable federal and state securities laws). Such Purchaser is acquiring
the Securities hereunder in the ordinary course of its business. 

 (c)    
Purchaser Status. At the time such Purchaser was offered the Securities,
it was, and as of the date hereof it is, and on each date on which it exercises
any Warrants, it will be an “accredited investor” as defined in Rule 501(a)(1)
under the Securities Act and it has completed the questionnaire attached hereto
as Appendix B. 

 (d)    
Experience of Such Purchaser. Such Purchaser, either alone or together
with its representatives, has such knowledge, sophistication and experience in
business and financial matters so as to be capable of evaluating the merits and
risks of the prospective investment in the Securities, and has so evaluated the
merits and risks of such investment. Such Purchaser is able to bear the economic
risk of an investment in the Securities and, at the present time, is able to
afford a complete loss of such investment. 

 (e)     Resale
Restrictions. The Purchaser acknowledges that it has been urged to consult
his, her or its own advisers, including financial and legal advisers, regarding
the merits and the risks of an investment in the Securities and regarding the
resale restrictions applicable to the Securities purchased for hereunder, and
only the Purchaser will be responsible for observance of the applicable resale
restrictions (neither the Company nor its legal advisers being liable in any way
in this regard). 

 (f)     General
Solicitation. Such Purchaser is not, to such Purchaser’s knowledge,
purchasing the Securities as a result of any advertisement, article, notice or
other communication regarding the Securities published in any newspaper,
magazine or similar media or broadcast over television or radio or presented at
any seminar or, to the knowledge of such Purchaser, any other general
solicitation or general advertisement. 

9

 (g)     Access
to Information. Such Purchaser acknowledges that it has had the opportunity
to review the Transaction Documents (including all exhibits and schedules
thereto), the Confidential Private Placement Memorandum for the Securities, and
the reports filed by the Company on Form 10-K, Form 10-Q and Form 8-K found on
the Commission’s EDGAR system at www.sec.gov, and has been afforded (i) the
opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the
Securities; (ii) access to information about the Company and its financial
condition, results of operations, business, properties, management and prospects
sufficient to enable it to evaluate its investment; and (iii) the opportunity to
obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment. Such Purchaser acknowledges
and agrees that neither the Placement Agent nor any Affiliate of the Placement
Agent has provided such Purchaser with any information or advice with respect to
the Securities nor is such information or advice necessary or desired. Neither
the Placement Agent nor any Affiliate has made or makes any representation as to
the Company or the quality of the Securities. In connection with the issuance of
the Securities to such Purchaser, neither the Placement Agent nor any of its
Affiliates has acted as a financial advisor or fiduciary to such Purchaser. 

 (h)     Certain
Transactions and Confidentiality. Other than consummating the transactions
contemplated hereunder, such Purchaser has not, nor has any Person acting on
behalf of or pursuant to any understanding with such Purchaser, directly or
indirectly executed any purchases or sales, including Short Sales, of the
securities of the Company during the period commencing as of the time that such
Purchaser first received a term sheet (written or oral) from the Company or any
other Person representing the Company setting forth the material terms of the
transactions contemplated hereunder and ending immediately prior to the
execution hereof. Other than to other Persons party to this Agreement or to such
Purchaser’s representatives, including, without limitation, its officers,
directors, partners, legal and other advisors, employees, agents and Affiliates,
such Purchaser has maintained the confidentiality of all disclosures made to it
in connection with this transaction (including the existence and terms of this
transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing
contained herein shall constitute a representation or warranty, or preclude any
actions, with respect to the identification of the availability of, or securing
of, available shares to borrow in order to effect Short Sales or similar
transactions in the future. 

 (i)     Canadian
Representations.The Purchaser (i) is not resident or domiciled in any
province or territory of Canada and (ii) is not purchasing the Securities with a
view to their resale in Canada. 

 (j) No Canadian Prospectus.The
Purchaser acknowledges that no prospectus has been filed with any Canadian
Securities Administrator in connection with the offering of the Securities and
no Canadian Securities Administrator has reviewed or passed on the merits of the
Securities. The Company has advised the Purchaser that the Company is relying on
an exemption from the requirement to provide the Purchaser with a prospectus under the applicable Canadian Securities Laws and,
as a consequence of acquiring securities pursuant to such an exemption: (i)
certain protections, rights and remedies provided by applicable Canadian
Securities Laws, including statutory rights of rescission or damages, will not
be available to the Purchaser; (ii) the Purchaser may not receive information
that would otherwise be required to be given under applicable Canadian
Securities Laws; and (iii) the Company is relieved from certain obligations that
would otherwise apply under applicable Canadian Securities Laws. 

10

 (k)     No
  Market for Notes or Warrants. The Purchaser acknowledges that there is no
  market through which the Notes or the Warrants may be sold and the Purchaser may
not be able to resell the Notes or Warrants purchased hereunder. 

 (l)     No
proceeds from Crime. The Purchaser confirms that the funds which will be
transferred by it to the Company hereunder will not represent proceeds of crime
for the purposes of the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (the “PCMLA”) and the Purchaser acknowledges that the
Company may in the future be required by law to disclose the Purchaser’s name
and other information relating to this Agreement and the Purchaser’s purchase
hereunder, on a confidential basis, pursuant to the PCMLA. To the best of the
knowledge of the Purchaser, none of the subscription funds to be provided by the
Purchaser: (i) have been or will be derived from or related to any activity that
is deemed criminal under the laws of Canada, the United States, or any other
jurisdiction; or (ii) are being tendered on behalf of a person or entity who has
not been identified to the Purchaser. The Purchaser shall promptly notify the
Company if the Purchaser discovers that any of such representations ceases to be
true, and will provide the Company with appropriate information in connection
therewith. 

 (m)     Privacy
Legislation. The Purchaser acknowledges and consents to the fact that the
Company is collecting the Purchaser’s (and any beneficial purchaser for which
the Purchaser is contracting hereunder) personal information (as that term is
defined under applicable privacy legislation, including, without limitation, the
Personal Information Protection and Electronic Documents Act (Canada) and
any other applicable similar replacement or supplemental provincial or federal
legislation or laws in effect from time to time) for the purpose of completing
the Purchaser’s subscription. The Purchaser acknowledges and consents to the
Company retaining the personal information for so long as permitted or required
by applicable law or business practices. The Purchaser further acknowledges and
consents to the fact that the Company may be required by applicable securities
laws, stock exchange rules and/or the Investment Industry Regulatory
Organization of Canada rules to provide regulatory authorities any personal
information provided by the Purchaser respecting itself (and any beneficial
Purchaser for which the Purchaser is contracting hereunder). The Purchaser
represents and warrants that it has the authority to provide the consents and
acknowledgements set out in this paragraph on behalf of all beneficial
purchasers for which the Purchaser is contracting. 

The Company acknowledges and agrees that the representations
contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s
right to rely on the Company’s representations and warranties contained in this
Agreement or any representations and warranties contained in any other Transaction Document or any other
document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transactions contemplated hereby.
Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions,
with respect to locating or borrowing shares in order to effect Short Sales or
similar transactions in the future. 

11

ARTICLE IV. 
OTHER AGREEMENTS OF THE PARTIES

4.1      Transfer Restrictions. 

 (a)     The
Securities may only be disposed of in compliance with state and federal
securities laws. In connection with any transfer of Securities other than
pursuant to an effective registration statement or Rule 144, to the Company or
to an Affiliate of a Purchaser or in connection with a pledge as contemplated in
Section 4.1(b), the Company may require the transferor thereof to provide to the
Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does
not require registration of such transferred Securities under the Securities
Act. As a condition of transfer, any such transferee shall agree in writing to
be bound by the terms of this Agreement and the Registration Rights Agreement
and shall have the rights and obligations of a Purchaser under this Agreement
and the Registration Rights Agreement. 

 (b)     The
Purchasers agree to the imprinting, so long as is required by this Section 4.1,
of legend on any of the Securities in the following form: 

 (i)     THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE
SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

 (c)    
Certificates evidencing the Shares, Warrant Shares and Conversion Shares shall
not contain any legend (including the legend set forth in Section 4.1(b)
hereof), (i) while a registration statement (including the Registration
Statement) covering the resale of such security is effective under the Securities Act, (ii) following any sale
of such Shares or Warrant Shares or Conversion Shares pursuant to Rule 144, or
if such legend is not required under applicable requirements of the Securities
Act (including judicial interpretations and pronouncements issued by the staff
of the Commission). The Company shall cause its counsel to issue a legal opinion
to the Transfer Agent or the Purchaser if required by the Transfer Agent to
effect the removal of the legend hereunder, or if requested by a Purchaser,
respectively.

12

4.2      Form D; Blue Sky Filings.
  The Company agrees to timely file a Form D with respect to the Securities as
  required under Regulation D and to provide a copy thereof, promptly upon request
  of any Purchaser. The Company shall take such action as the Company shall
  reasonably determine is necessary in order to obtain an exemption for, or to
  qualify the Securities for, sale to the Purchasers at the Closing under
  applicable securities or “Blue Sky” laws of the states of the United States, and
  shall provide evidence of such actions promptly upon request of any Purchaser.

4.3      Warrant Exercise Procedures.
The form of Notice of Exercise included in the Warrants set forth the totality
of the procedures required of the Purchasers in order to exercise the Warrants.
No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding
sentences, no ink-original Notice of Exercise shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise form be required in order to exercise the Warrants. The Company
shall honor exercises of the Warrants and shall deliver Warrant Shares in
accordance with the terms, conditions and time periods set forth in the
Transaction Documents. 

4.4      Note Conversion Procedures.
The form of Notice of Conversion included in the Notes set forth the totality of
the procedures required of the Purchasers in order to convert the Notes. No
additional legal opinion, other information or instructions shall be required of
the Purchasers to Convert their Notes. Without limiting the preceding sentences,
no ink-original Notice of Conversion shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of
Conversion form be required in order to convert the Notes. The Company shall
honor conversion of the Notes and shall deliver Conversion Shares in accordance
with the terms, conditions and time periods set forth in the Transaction
Documents. 

4.5      Compliance with Withholding and
Other Requirements. The Corporation shall comply with all withholding tax
and information reporting requirements that it is required to comply with under
applicable law (including the Code and the U.S. Treasury regulations issued
thereunder) in respect of any payment on, or in respect of, the Notes. By
acceptance of any Note issued hereunder, unless otherwise prohibited by law,
each Purchaser is deemed to agree to provide to the Corporation any information
or certification that may be required under applicable law with respect to
withholding, backup withholding or information reporting (including the
Noteholder Tax Identification Information, and, to the extent any FATCA
Withholding Tax is applicable, the Noteholder FATCA Information), and update or
replace such form, information or certification in accordance with its terms or
its subsequent amendments to the extent necessary. Failure of a Purchaser to
provide the Corporation with required tax certificates and information may
result in amounts of tax being withheld from the payment to such Purchaser. In
order to comply with the laws, rules, regulations and executive orders in effect
from time to time, including those relating to the funding of terrorist activities
and money laundering (collectively, “Applicable Regulations”), the
Corporation, is required to obtain, verify and record certain information
relating to individuals and entities which maintain a business relationship with
the Corporation. Accordingly, each of the Purchasers agrees to provide the
Corporation, upon its request from time to time, such identifying information
and documentation as may be necessary in order to enable the Corporation to
comply with such Applicable Regulations. 

13

ARTICLE V.
MISCELLANEOUS 

5.1      Fees and Expenses. Except as
expressly set forth in the Transaction Documents to the contrary, each party
shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all Transfer Agent fees (including, without limitation,
any fees required for same-day processing of any instruction letter delivered by
the Company and any exercise notice delivered by a Purchaser), stamp taxes and
other taxes and duties levied in connection with the delivery of any Securities
to the Purchasers. 

5.2      Entire Agreement. The
Transaction Documents, together with the exhibits and schedules thereto, contain
the entire understanding of the parties with respect to the subject matter
hereof and thereof and supersede all prior agreements and understandings, oral
or written, with respect to such matters, which the parties acknowledge have
been merged into such documents, exhibits and schedules. 

5.3      Notices. Any and all notices
or other communications or deliveries required or permitted to be provided
hereunder shall be in writing and shall be deemed given and effective on the
earliest of: (a) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email
address as set forth on the signature pages attached hereto at or prior to 5:30
p.m. (New York City time) on a Business Day, (b) the next Business Day after the
date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or email attachment at the email address as set forth on
the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Business Day, (c) the second
(2nd) Business Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (d) upon actual receipt by
the party to whom such notice is required to be given. The address for such
notices and communications shall be as set forth on the signature pages attached
hereto. To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such
notice with the Commission pursuant to a Current Report on Form 8-K. 

5.4      Amendments; Waivers. No
provision of this Agreement may be waived, modified, supplemented or amended
except in a written instrument signed, in the case of an amendment, by the
Company and the Purchasers which purchased at least 50.1% in interest of the
Shares based on the initial Subscription Amounts hereunder or, in the case of a
waiver, by the party against whom enforcement of any such waived provision is
sought, provided that if any amendment, modification or waiver disproportionately and
adversely impacts a Purchaser (or group of Purchasers), the consent of such
disproportionately impacted Purchaser (or group of Purchasers) shall also be
required. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the
future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to
exercise any right hereunder in any manner impair the exercise of any such
right. Any proposed amendment or waiver that disproportionately, materially and
adversely affects the rights and obligations of any Purchaser relative to the
comparable rights and obligations of the other Purchasers shall require the
prior written consent of such adversely affected Purchaser. Any amendment
effected in accordance with this Section 5.4 shall be binding upon each
Purchaser and holder of Securities and the Company 

14

5.5      Headings. The headings
  herein are for convenience only, do not constitute a part of this Agreement and
shall not be deemed to limit or affect any of the provisions hereof. 

5.6      Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and
their successors and permitted assigns. The Company may not assign this
Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any
or all of its rights under this Agreement to any Person to whom such Purchaser
assigns or transfers any Securities, provided that such transferee agrees in
writing to be bound, with respect to the transferred Securities, by the
provisions of the Transaction Documents that apply to the “Purchasers.” 

5.7      No Third-Party
Beneficiaries. The Placement Agent shall be the third party beneficiary of
the representations and warranties of the Company in Section 3.1 and the
representations and warranties of the Purchasers in Section 3.2. This Agreement
is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any
provision hereof be enforced by, any other Person, except as otherwise set forth
in this Section 5.7. 

5.8      Governing Law. All questions
concerning the construction, validity, enforcement and interpretation of the
Transaction Documents shall be governed by and construed and enforced in
accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all legal
Proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement and any other Transaction Documents
(whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in the City of New York, Borough of Manhattan
for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby
irrevocably waives personal service of process and consents to process being
served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other
manner permitted by law. If any party shall commence a Proceeding to enforce any
provisions of the Transaction Documents, then the prevailing party in such
Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Proceeding. 

15

5.9      Survival. The
  representations and warranties contained herein shall survive the Closing and
the delivery of the Securities. 

5.10      Execution. This Agreement
may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the
event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof. 

5.11      Severability. If any term,
provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their commercially reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable. 

5.12      Replacement of Securities.
If any certificate or instrument evidencing any Securities is mutilated, lost,
stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but
only upon receipt of evidence reasonably satisfactory to the Company of such
loss, theft or destruction. The applicant for a new certificate or instrument
under such circumstances shall also pay any reasonable third-party costs
(including customary indemnity) associated with the issuance of such replacement
Securities. 

5.13      Independent Nature of
Purchasers’ Obligations and Rights. The obligations of each Purchaser under
any Transaction Document are several and not joint with the obligations of any
other Purchaser, and no Purchaser shall be responsible in any way for the
performance or non-performance of the obligations of any other Purchaser under
any Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Purchaser pursuant hereto or thereto, shall
be deemed to constitute the Purchasers as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated by the
Transaction Documents. Each Purchaser shall be entitled to independently protect
and enforce its rights, including, without limitation, the rights arising out of
this Agreement or out of the other Transaction Documents, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
Proceeding for such purpose. Each Purchaser has been represented by its own
separate legal counsel in its review and negotiation of the Transaction
Documents. The Company has elected to provide all Purchasers with the same terms
and Transaction Documents for the convenience of the Company and not because it
was required or requested to do so by any of the Purchasers. It is expressly
understood and agreed that each provision contained in this Agreement and in
each other Transaction Document is between the Company and a Purchaser, solely,
and not between the Company and the Purchasers collectively and not between and
among the Purchasers. 

16

5.14      Saturdays, Sundays, Holidays,
  etc. If the last or appointed day for the taking of any action or the
  expiration of any right required or granted herein shall not be a Business Day,
  then such action may be taken or such right may be exercised on the next
succeeding Business Day. 

5.15      Construction. The parties
agree that each of them and/or their respective counsel have reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule
of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the
Transaction Documents or any amendments thereto. In addition, each and every
reference to share prices and shares of Common Stock in any Transaction Document
shall be subject to adjustment for reverse and forward stock splits, stock
dividends, stock combinations and other similar transactions of the Common Stock
that occur after the date of this Agreement. 

5.16      WAIVER OF JURY
TRIAL. IN ANY ACTION, SUIT, OR PROCEEDINGIN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHERPARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE
GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER
TRIAL BY JURY.

(Signature Pages Follow) 

17

IN WITNESS WHEREOF, the parties hereto have caused this
Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 

	INTELGENX TECHNOLOGIES CORP. 	 	Address for Notice: 
	 	 	 
	 	 	 
	By: 	 	 	Email: 
		 Name: 	 Horst G. Zerbe 	 	Fax: 
		 Title: 	 President and CEO 	 	 
	With a copy to (which shall not constitute
      notice): 	 	 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE
FOR PURCHASER FOLLOWS] 

18

[PURCHASER SIGNATURE PAGES TO IGXT SECURITIES PURCHASE
AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities
Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 

Name of
Purchaser:______________________________________________________________________________________________________________________________________________________________________

Signature of Authorized Signatory of Purchaser: ______________________________________________________________________________________________________________________________________________

Name of Authorized Signatory:
____________________________________________________________________________________________________________________________________________________________

Title of Authorized Signatory:
_____________________________________________________________________________________________________________________________________________________________

Email Address of Authorized Signatory:
______________________________________________________________________________________________________________________________________________________

Facsimile Number of Authorized Signatory:
_____________________________________________________________________________________________________________________________________________________

Address for Notice to Purchaser: 

Address for Delivery of Securities to Purchaser (if not same as
address for notice): 

Subscription Amount: $_________________

Shares: _________________

Warrants: __________________

Aggregate Principal Amount of Notes: $________________

EIN Number: _______________________

Number and kind of securities of the Company held, directly or
indirectly, by the Purchaser or over which the Purchaser has control or
direction (including convertible securities): ___________________

	State whether Purchaser is an Insider of the Company: 	 	Yes [     ] 	No  	 [     ]
	 	 	 	 	 
	State whether Purchaser is a Registrant: 	 	Yes [     ] 	No 	 [    
]

(Note: A Registrant means a dealer, adviser, investment fund
manager, an ultimate designated person or chief compliance officer as those
terms are used pursuant to applicable securities laws, or a person registered or
otherwise required to be registered under applicable securities laws) 

19

APPENDIX A 

Wire Instructions 

Cantone Research, Inc. Escrow Account for IGXT 

Account number 4333839003 

Routing number 031201360 

 

TD Bank 

500 Shrewsbury Ave Tinton Falls, NJ 07724 

Telephone: 732-212-6900 

Reference: (name of investor) 

20

APPENDIX B 

A.      GENERAL INFORMATION. (Please print
or type, attach additional information on separate sheets if necessary.) 

1.      Name of Purchaser (for corporations,
partnerships, limited liability companies or trusts, please give name of entity
and name of authorized individual completing this Purchaser Questionnaire): 

                                                     
_______________________________________________________________________________________________________________

Home or Principal Business Address
_______________________________________________________________

                                                                 
_______________________________________________________________

Date of
Birth/Organization:______________________________________U.S. Citizen:__________
Yes_________ No 

Occupation or Principal Business:
__________________________________________________________________

Social Security/Tax I.D. No.:
______________________________________________________________________

Employer:
____________________________________________________________________________________

2.     For Purchasers Other Than
Individuals 

In order to establish that the Purchaser is authorized to
invest in the SECURITIES, please furnish the following: 

a.      A partnership must attach to this
Purchaser Questionnaire a copy of its partnership agreement. 

b.      A limited partnership or limited
liability company must attach to this Purchaser Questionnaire a copy of its
limited partnership agreement or operating agreement. 

c.      A corporation must attach to this
Purchaser Questionnaire a certified copy of a resolution of the board of
directors showing that the corporation is authorized to make this investment and
that the person who is signing any of the Subscription Documents is authorized
to do so. 

d.     A trust must attach to this Purchaser Questionnaire a copy of the
  trust agreement. 

3.      Investment Decision 

If the Purchaser is a partnership, did each partner elect
whether he will participate in the partnership's investment in the SECURITIES?
_____Yes _______No 

21

If the answer is "yes," please state the number of partners who
elected to participate in this investment: _______

B.      FINANCIAL INFORMATION 

I understand that the representations contained in this Part B
are made for the purpose of qualifying me as an "accredited investor." I hereby
represent that the statement or statements marked below are true and correct in
all respects. I understand that a false representation may constitute a
violation of law, and that any person who suffers damage as a result of a false
representation may have a claim against me for damages. 

PLEASE INDICATE EACH CATEGORY OF ACCREDITED INVESTOR THAT YOU
SATISFY BY PLACING AN "X" ON THE APPROPRIATE LINE BELOW. 

	Category I. 	_____ 	
      I am an individual (not a partnership, corporation,
      trust, etc.) whose individual net worth or joint net worth with my spouse,
      presently exceeds $1,000,000, excluding the value of my personal residence
      and any indebtedness on such personal residence in excess of its fair
      market value. 

	  	 	
  

	  	 	
  

			
      Explanation. In calculating net worth you may include
      equity in personal property and real estate, not including your
      principal residence, cash, short-term investments, stock, and other
      securities. Equity in personal property and real estate should be based on
      the fair market value of such property less debt secured by such property.
      

	  	 	
  

	  	 	
  

	  	 	
  

	Category II. 	_____ 	
      I am an individual (not a partnership, corporation,
      trust, etc.) who had an individual income in excess of $200,000 (excluding
      income of spouse) in each of the two most recent years, or joint income
      with that person's spouse in excess of $300,000 in each of those years,
      and have a reasonable expectation of reaching the same income level in the
      current year. 

Explanation. Individual income means adjusted gross income, as
reported for federal income tax purposes, less any income earned by a spouse or
by property owned by a spouse, increased by the following amounts (but not
including any amounts earned by a spouse or by property owned by a spouse); (i)
the amount of any tax exempt interest income received, (ii) the amount of losses
claimed as a limited partner in a limited partnership, (iii) any deduction
claimed for depletion, and (iv) any amounts by which income from long-term
capital gains have been reduced in arriving at adjusted gross income pursuant to
the provisions of Section 1202 of the Internal Revenue Code. 

Place an "X" in the appropriate spaces below: 

	I anticipate income in 2018 in the range of: 	My income in 2017 was: 

22

	_____ $200,000 to $250,000 	___ $200,000 to $250,000 
	_____ $251,000 to $300,000 	___ $251,000 to $300,000 
	_____ over $300,000 	___ over $300,000

	My income in 2016 was: 
	_____ $200,000 to $250,000 
	_____ $251,000 to $300,000 
	_____ over $300,000 

	We anticipate income in 2018 in the range of: 	Our income in 2017 was: 
	_____ $300,000 to $350,000 	_____ $300,000 to $350,000 
	_____ $351,000 to $400,000 	_____ $351,000 to $400,000 
	_____ over $400,000 	_____ over $400,000

	Our income in 2016 was: 
	_____ $300,000 to $350,000 
	_____ $351,000 to $400,000 
	_____ over $400,000 

	Category III. 	_____	I am a director or executive officer of the
      Company or its Affiliates. 
	 	 	 
	Category IV. 	_____	The undersigned is (Check One):

	 _____	
      a.     A bank (as defined in Section
      3(a)(2) of the 1933Act). 

	 _____	
      b.     An insurance company (as
      defined in Section 2(13) of the Securities Act of 1933). 

	 _____	
      c.     An investment company
      registered under the Investment Company Act of 1940. 

	 _____	
      d.     A business development company
      as defined in Section 2(a)(48) of the Investment Company Act of 1940.
    

		
      e.     A Small Business Investment
      Company licensed by the U.S. Small Business Administration under Section
      301(c) or (d) of the Small Business Investment Act of 1958. 

	 _____	
      f.     An employee benefit plan
      within the meaning of Title I of Employee Retirement Income Security Act
      of 1974 ("ERISA") whose investment decision to purchase the Shares is made
      by a plan fiduciary, as defined in Section 3(21) of ERISA, that is either
      a bank, a savings and loan association, an insurance company, or a
      registered investment advisor. 

	 _____	
      g.     An employee benefit plan
      within the meaning of Title I of ERISA with total assets in excess of
      $5,000,000, or if a self-directed plan, with investment decisions made
      solely by persons that are accredited investors. 

	 _____	
      h.     A private business development
      company as defined in Section 202(a)(22) of the Investment Advisers Act of
      1940. 

23

	 _____	
      i.     An organization described in
      Section 501(c)(3) of the Internal Revenue Code (tax exempt organization),
      corporation, Massachusetts or similar business trust, or partnership, not
      formed for the specific purpose of acquiring the securities offered,
      having total assets in excess of $5,000,000. 

	 _____	
      j.     A savings and loan association
      or other institution (as defined in Section 3(a)(5) of the Securities Act
      of 1933) whether acting in its individual or fiduciary capacity.

	 _____	
      k.    A Broker/Dealer registered
      pursuant to Section 15 of the Securities Exchange Act of 1934. 

	 _____	
      l.     A Trust, with total
      assets in excess of $5,000,000, not formed for the specific purpose of
      acquiring the securities offered, whose purchase is directed by a
      sophisticated person, who either alone or with my purchase
      representative(s) has such knowledge and experience in financial and
      business matters that I am capable of evaluating the merits and risks of
      the investment. 

	Category V. 	_____	The undersigned is an entity all the equity
      owners of which are "accredited investors" within one or more of the above
      categories (excluding, however, Category IV). Note: An irrevocable
      trust cannot qualify under this category. The equity owners of a revocable
      trust are its grantors. If relying upon this category alone, each
      equity owner must complete a separate copy of this Purchaser
      Questionnaire. 

(Describe nature of, and beneficial ownership in, the entity)

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE
FOR PURCHASER FOLLOWS] 

24

For Execution by Individual Investor(s):
(Each joining
investor must sign) 

Date:______________ , 201__ 

	 	 	 
	 	 	 
	Signature of Purchaser 	 	Please print name 
	 	 	 
	 	 	 
	Signature of Purchaser 	 	Please print name 
	 	 	 

For Execution by Person Making Investment Decision for
Corporate, Company, Limited partnership or Trust Investor: 

Name of Purchaser:
______________________________________________

By:
__________________________________________________________

_____________________________________________________________
Print
or type name and title of person making investment decision 

_____________________________________________________________
Signature
of person making the investment decision on behalf of the Purchaser 

25

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