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International Isotopes Raises $3 Million

February 26, 2010 (FinancialWire) — International Isotopes Inc. (OTCBB: INIS) said it has completed a convertible debt offering among various directors, past investors, and major shareholders.

The company raised around $3 million.

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

At maturity, the convertible debt will automatically be converted into common stock at a conversion price equal to the lesser of $0.35 per share, or the average share price for the 120 days prior to maturity.

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 $0.60 or 120% of the average share price for the preceding 120 days.

International Isotopes said it will use the proceeds to support ongoing company work in developing its plans for the uranium processing and fluorine extraction facility.

In the near term, these efforts will involve the continuing support of the NRC review of the license application submitted in December 2009, preparation of a specifications package to select a design-and-build contractor, and an application request for NRC approval of certain limited pre-license construction activities.

Pending NRC approval some of these pre-license construction activities could begin later this year, according to the company.

Idaho-based International Isotopes manufactures a range of nuclear medicine calibration and reference standards, high purity fluoride gases, and a range of cobalt-60 products such as teletherapy sources.

The company also provides a selection of radioisotopes and radiochemical 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.

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