Company sells 12% notes due Jan. 13, 2014, five-year warrants in deal
By Devika Patel
Knoxville, Tenn., July 18 - Advanced Medical Isotope Corp. settled a $550,000 private placement of 12% secured convertible promissory notes on July 13, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes mature on Jan. 13, 2014 and are convertible into common shares at $0.10 per share. The conversion price is a 41.18% discount to the July 12 closing share price of $0.17.
The investor also received warrants. The warrants are each exercisable at $0.15 until July 13, 2017. The strike price is an 11.77% discount to the July 12 closing share price.
The Kennewick, Wash., company is engaged in the production and distribution of medical isotopes and medical isotope technologies.
| Issuer: | Advanced Medical Isotope Corp.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $550,000
|
| Maturity: | Jan. 13, 2014
|
| Coupon: | 12%
|
| Conversion price: | $0.10
|
| Warrants: | Yes
|
| Warrant expiration: | July 13, 2017
|
| Warrant strike price: | $0.15
|
| Settlement date: | July 13
|
| Stock symbol: | OTCBB: ADMD
|
| Stock price: | $0.17 at close July 12
|
| Market capitalization: | $15.73 million
|
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