Company sells 18-month notes along with five-year warrants in offering
By Devika Patel
Knoxville, Tenn., May 21 - Advanced Medical Isotope Corp. settled a $1.18 million private placement of convertible notes from July 13, 2012 through Oct. 2, 2012, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature in 18 months and are convertible into common shares at $0.10 per share. The conversion price is a 25% premium to the May 20 closing share price of $0.08.
The investors also received warrants. Each five-year warrant is exercisable at $0.15, an 87.5% premium to the May 20 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: | Convertible note
|
| Amount: | $1,175,000
|
| Maturity: | 18 months
|
| Conversion price: | $0.10
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Announcement date: | May 21
|
| Settlement dates: | July 13, 2012 through Oct. 2, 2012
|
| Stock symbol: | OTCBB: ADMD
|
| Stock price: | $0.08 at close May 20
|
| Market capitalization: | $8.35 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
