Company sells 12% notes due Feb. 2, 2014, five-year warrants in deal
By Devika Patel
Knoxville, Tenn., Aug. 2 - Advanced Medical Isotope Corp. settled a $510,000 private placement of 12% secured convertible promissory notes on Aug. 2, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note matures on Feb. 2, 2014 and is convertible into common shares at $0.10 per share. The conversion price is a 65.52% discount to the Aug. 1 closing share price of $0.29.
The investor also received warrants. The warrants are each exercisable at $0.15 until Aug. 2, 2017. The strike price is a 48.28% discount to the Aug. 1 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 note
|
| Amount: | $510,000
|
| Maturity: | Feb. 2, 2014
|
| Coupon: | 12%
|
| Conversion price: | $0.10
|
| Warrants: | Yes
|
| Warrant expiration: | Aug. 2, 2017
|
| Warrant strike price: | $0.15
|
| Settlement date: | Aug. 2
|
| Stock symbol: | OTCBB: ADMD
|
| Stock price: | $0.29 at close Aug. 1
|
| Market capitalization: | $21.69 million
|
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