IDAHO FALLS, Idaho,
July 30, 2012 /PRNewswire/ --
International Isotopes Inc. (OTC Bulletin Board: INIS) announces
completion of a private placement on July
27, 2012 that is expected to fund the remainder of Nuclear
Regulatory Commission (NRC) license activities for the planned
uranium de-conversion and fluorine extraction processing facility
and support expansion in several of the Company's existing core
business segments in Idaho.
Euro Pacific Capital, Inc. served as the sole placement agent
for the private placement.
Under the terms of the Securities Purchase Agreement dated
July 27, 2012 by and among the
Company and the investors party to the agreement, accredited
investors purchased just over $3
million in 8% Unsecured Convertible Notes and common stock
purchase warrants, which resulted in net proceeds of about
$2.7 million to the Company after
payment of placement agent commissions. The notes have a
five-year term and are convertible into shares of the Company's
common stock for $0.225 per
share. The notes also include 25% warrant coverage at a price
of $0.30 per share.
Steve T. Laflin, President and
CEO of International Isotopes Inc., said, "We are very pleased to
have successfully completed another offering with Euro Pacific
Capital. We still anticipate receiving the operating license
from the NRC for the planned uranium de-conversion and fluorine
extraction processing facility in October 2012. We believe
that receipt of that license is critical to our ability to secure
the major financing for the project and this raise should provide
adequate capital to see us through that process.
"Also for the first time in several years, the Company will be
using a portion of the funds from this raise to make key
investments in our core business segments in Idaho. We
believe that those investments will allow the Company to achieve
significant increases in revenue in several of the Company's
existing core business segments in the coming years."
Gerald L. Mars, Managing Director
with Euro Pacific Capital, said, "We are very pleased to have been
able to provide additional financing for International
Isotopes. In addition to key initiatives planned for in its
core business, upon receiving its operating license from the NRC in
October it will be the only commercial business in America
providing uranium de-conversion and fluorine extraction."
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range
of nuclear medicine calibration and reference standards, high
purity fluoride gases, and a variety of cobalt-60 products such as
teletherapy sources. The Company also provides a wide
selection of radioisotopes and radiochemicals for medical devices,
calibration, clinical research, life sciences, and industrial
applications and provides a host of analytical, measurement,
recycling, and processing 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 statements with respect to the
Company's plans to construct a commercial depleted uranium
de-conversion and fluorine extraction processing facility in the
U.S., expectations regarding the issuance of the NRC license, and
the expectations of revenue growth resulting from the additional
investments into existing company business segments.
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 International Isotopes, Inc. 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 International Isotopes, Inc.'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, 2011. 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.
FOR MORE INFORMATION CONTACT:
Jim Drewitz
Creative Options Communications
Investor and Public Relations
jim@jdcreativeoptions.com
www.jdcreativeoptions.com
Phone: 830-669-2466
For more information, please visit the Company web site:
www.internationalisotopes.com
SOURCE International Isotopes Inc.