Intellipharmaceutics International Inc. (IPCI)

[Samsa]

well, the 1QE is out and most items as expected with the exception of one thing which I call BS on. the refinancing of the Debentures.

On April 4, 2019, a tentative approval from TSX was received for a proposed refinancing of the debenture originally issued to us in 2013 (the "2013 Debenture") subject to certain conditions being met. As a result of the proposed refinancing, the principal amount owing under the 2013 Debenture will be financed by a new debenture (the "New Debenture"). If issued, the New Debenture will have a principal amount of $1,050,000 and will mature on November 1, 2019, bear interest at a rate 12% per annum and be convertible into 1,779,661 common shares of the Company at a conversion price of $0.59 per common share. Dr. Isa Odidi and Dr Amina Odidi, who are shareholders, directors and executive officers of the Company, will be the holders of the New Debenture.

This I do not think is fair at all. so let me get this straight, nothing really changed. they owed the 1 million fifty thousand before the reverse split and that was convertible at pre-split shares ad strike strike price. Now the amount owed is not going to be subject to the Reverse Split? So the shareholders got nothing in return ? we didn't get a lower interest rate. we didn't get any money knocked off the owed amount. The only people who benefit are the Odidi's who now get to convert the stock at 1.7 million NEW shares or roughly 9% of the outstanding new shares?

How is this fair to shareholders? His debenture should still be subject the same reverse split as everyone else.