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Advanced Medical Isotope Corp. (OTCMKTS:ADMD) a company engaged in the development of advanced brachytherapy devices provided information on conclusion of the initial steps of its capital restructuring plan. It stated that it finalized a deal with Carlton Cadwell and his affiliated firms to convert long term debt of $5 million into a new series of equity based convertible preferred stock. Cadwell is the primary lender of the company.

The details

Advanced Medical also announced that various other lenders have approved debt conversion terms. It will be converted at a fixed rate of $0.015 per share and will be classified as equity on the balance sheet. Moreover, the leftover debt held by the Cadwell and associated units totaling around $1 million will be swapped for a non-convertible 6% ‘Note’ maturing on December 31, 2017.

The mentioned debt conversion deals are subject to final documentation, expected to close before the end of this quarter. As per the terms of the new Series A, after conclusion of an up listing transaction to a reputed national exchange platform, all shares of Series A will convert into common stock.

Seasoned trade payables

Along with the exchange and reduction of the Cadwell debt stated above, Advanced Medical has also successfully reduced almost $500,000 of seasoned trade payables, without any additional dilution. It is expected that the changes will be recorded in the company’s 2Q 10-Q filing.

The CEO James C. Katzaroff said that the management is grateful for the continued support of the Cadwell family and linked entities. The recent initiative, as the company moves to normalize its balance sheet and capital structure, is in anticipation of preparing the company to use commercial opportunities for its Y-90 product line.

In last trading session, the stock price of Advanced Medical plunged more than 6% to close the trading session at $0.00310 on share volume of 30.28 million.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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