Isonics repays $5 million of its outstanding 8% convertible debentures

By Sheri Kasprzak

New York, May 23 - Isonics Corp. repaid $5 million of its outstanding $11.7 million in 8% convertible debentures.

The two-year debentures were issued in principal of $22 million on Feb. 24, 2005 and were convertible into common shares at $5.00 each.

Isonics may pay the remaining balance of the debentures after June 1, 2006 at a 5% premium plus accrued interest.

Currently, Isonics is working to complete a financing to pay $4.1 million to the debenture holders that accept the repayment offer. If the financing is completed, the remaining $2.6 million in outstanding principal of the debentures will be repaid according to the original terms of the offering.

Based in Golden, Colo., Isonics manufactures, commercializes and markets materials that are subatomically re-engineered.

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