By Devika Patel
Knoxville, Tenn., Feb. 25 - International Isotopes Inc. sold $3.08 million of 18-month convertible debentures at par to yield 6% in a private placement on Feb. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The debentures are initially convertible into common stock at $0.35 per share and mature on Aug. 24, 2011.
The investors also received 50% warrant coverage. The warrants are each exercisable at $0.60 for four years.
Proceeds will be used to support ongoing work in its developing plans for the uranium processing and fluorine extraction facility.
International Isotopes is a medical technology company based in Idaho Falls, Idaho.
| Issuer: | International Isotopes Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $3,075,000
|
| Maturity: | Aug. 24, 2011
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.35
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.60
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: INIS
|
| Stock price: | $0.43 at close Feb. 24
|
| Market capitalization: | $126 million
|
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