IDAHO FALLS, Idaho, May 18, 2017 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces that it has completed the successful retirement of the majority of its outstanding 8% Convertible Notes.
As previously announced, the Company entered into an amendment to its outstanding 8% Convertible Notes issued by the Company in July 2012 (the "Notes"), pursuant to which the Notes were amended to give noteholders certain additional rights. The Notes reach maturity in July 2017.
Pursuant to the amendment, the Notes were modified to provide each holder the additional right to convert all, or any portion, of the principal amount of the Notes, plus accrued interest, into shares of the Company's Series C Convertible Redeemable Preferred Stock ("Series C Preferred Stock"), at a conversion price of $1,000 per share, and a warrant to purchase up to 3,750 shares of the Company's common stock for each share of Series C Preferred Stock received upon conversion of the Notes.
In addition, the Notes were amended to give each holder the additional right to have the Company redeem part, or all, of the outstanding Notes for cash in an amount equal to 100% of the principal amount of the Notes redeemed and all accrued interest as of the redemption date.
As result of these amendments, the Company retired approximately $2.6 million of the Notes through a combination of approximately $1.8 million in early cash redemptions and $800,000 in conversions into shares of Series C Preferred Stock and warrants.
Steve T. Laflin, President and CEO of the Company, said, "This represents the successful retirement of about 91% of the total debt associated with the Notes. These transactions have eliminated a significant amount of the Company's debt, which we believe puts the Company in a much stronger financial position. In addition, the election by some holders to convert to shares of Series C Preferred Stock, in lieu of cash repayment of their Notes, has freed up some of our cash resources to be used for our continued research and development work and preparation for commercial launch of new products. We appreciate the continued support expressed by investors and noteholders in the future endeavors of the Company."
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards and supplies a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications. The Company also manufactures a variety of cobalt-60 products such as teletherapy sources, and provides a wide range of radiological field services on a contract basis to clients.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements with respect to the financial position of the Company and its future plans and prospects. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov, including our Annual Report on Form 10-K for the year ended December 31, 2016. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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For more information, please visit the Company web site: www.internationalisotopes.com
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SOURCE International Isotopes Inc.