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International Isotopes raises $3M in public offering

International Isotopes has raised about $3 million in a public offering to support the continued engineering design and licensing of the company’s planned uranium processing and fluorine extraction facility in Idaho Falls.

The company closed the transactions on Feb. 24. The convertible debt matures in 18 months, bears a fixed interest rate of 6 percent, and can voluntarily be converted at any time by the investors into common or any other class of company-issued equity securities.

“Our ‘green’ uranium de-conversion and fluorine extraction project continues to gain momentum and its progress is being well-received by prospective customers,” CEO Steve Laflin said.

At maturity, the convertible debt will automatically be converted into common stock at a conversion price equal to the lesser of 35 cents per share, or the average share price for the 120 days prior to maturity.

Additionally, in the event the convertible debt is held until maturity, a Class “H” warrant will be issued to purchase shares of common stock equal to one half the number of shares of common stock issued upon automatic conversion of the convertible debt at the lower of 60 cents or 120 percent of the average share price for the preceding 120 days.

“In this most recent capital raise we have seen the continued confidence of many of our strongest existing shareholders as well as the return of several major shareholders from past investment rounds and new investors as well,” Laflin said in a release. “The project remains on schedule and is making positive progress on all fronts. The company continues to work towards developing additional financing for future project development.”

The proceeds from the convertible debt will be used to support developing plans for the uranium processing and fluorine extraction facility.

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