IDAHO FALLS, Idaho, Nov. 1, 2010 /PRNewswire-FirstCall/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces completion of a private placement on October 29, 2010 that will immediately provide the company with approximately $5.8 million in cash to continue its efforts on the licensing and design of its planned environmentally friendly, green technology uranium de-conversion and fluorine extraction processing facility.
Euro Pacific Capital, Inc. served as the sole placement agent for the private placement.
Under the terms of the Securities Purchase Agreement, dated as of October 29, 2010 by and among the Company and the investors party thereto, accredited investors purchased 29,075,000 units for $0.20 per unit, each unit consisting of one share of common stock and one warrant to purchase one share of common stock for an exercise price of $0.40. The warrants expire in five years and contain a call provision that permits the Company to call the warrants in the event that the Company's closing stock price is greater than $0.80 per share for any 20 consecutive trading days. The Company will be required to file and maintain an effective resale registration statement covering the shares of common stock issued pursuant to this offering, as well as the shares of common stock underlying the warrants.
This is the largest capital raise completed by the Company to date and is expected to significantly advance the progress on the Company's planned uranium de-conversion and fluorine extraction processing facility.
Steve T. Laflin, President and CEO of International Isotopes Inc., said, "We are very pleased with this important infusion of capital and the number of additional outside investors who are participating in the offering. Euro Pacific has worked diligently to help the Company broaden its shareholder base as a part o
|SOURCE International Isotopes Inc.|
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