International Isotopes Inc. announced yesterday that it has secured an agreement for enough funding to cover the remaining Nuclear Regulatory Commission licensing activities for its planned uranium de-conversion and fluorine extraction processing facility, and to support expansion in several of the company’s core business segments in Idaho. A $3 million private placement with accredited investors was completed July 27, the company said. "We still anticipate receiving the operating license from the NRC for the planned uranium de-conversion and fluorine extraction processing facility in October 2012," Steve Laflin, president and CEO of INIS, said in a statement. "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."
Investors purchased just over $3 million "in 8 percent 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," INIS wrote in a release yesterday. "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 percent warrant coverage at a price of $0.30 per share." For the first time in several years, INIS "will be using a portion of the funds from this raise to make key investments in our core business segments in Idaho," Laflin said. "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."