Deal sells 10% convertible notes, units of one share, 0.75 warrants
By Devika Patel
Knoxville, Tenn., June 8 - Advanced Medical Isotope Corp. raised $175,000 from a private placement of units and convertible notes, according to an 8-K filed Friday with the Securities and Exchange Commission. It sold the convertibles for $55,000 on May 18 and $70,000 on May 31 and raised $50,000 by selling units on May 17.
The company sold 500,000 units at $0.10 apiece. The units consist of one common share and one warrant for 0.75 shares. The warrants are each exercisable at $0.25 for three years. The strike price reflects a 177.78% premium to the May 16 closing share price of $0.09.
The company also sold $125,000 of 10% convertible notes.
The notes mature on May 18, 2013 and May 31, 2013. They are convertible into common stock at $0.09 per share and $0.10 per share. The conversion prices are identical and an 11.11% premium to the May 17 closing share price of $0.09.
The convertibles investor also received 50,000 common shares as a loan origination fee.
The Kennewick, Wash., company is engaged in the production and distribution of medical isotopes and medical isotope technologies.
| Issuer: | Advanced Medical Isotope Corp.
|
| Issue: | Units of one common share and half-share warrant, convertible notes
|
| Amount: | $175,000
|
| Stock symbol: | OTCBB: ADMD
|
| Market capitalization: | $8.24 million
|
|
|
| Units
|
| Amount: | $50,000
|
| Units: | 500,000
|
| Price: | $0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.25
|
| Settlement date: | May 17
|
| Stock price: | $0.09 at close May 16
|
|
|
| Notes
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| Amount: | $125,000
|
| Maturity: | May 18, 2013, May 31, 2013
|
| Coupon: | 10%
|
| Conversion price: | $0.09, $0.10
|
| Warrants: | No
|
| Fees: | 50,000 shares
|
| Settlement date: | May 18 (for $55,000), May 31 (for $70,000)
|
| Stock price: | $0.09 at close May 17
|
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