Advanced Medical Isotope Corp. (OTCMKTS:ADMD) has suddenly become active after a period of four months pause. The company came up with one of the most important update, which referred to its capital restructure plan. The brachytherapy device development company said that it is about to conclude the initial stages of its capital restructuring plan.
Restructuring of debt
In this direction, Advanced Medical Isotope Corp. (OTCMKTS:ADMD) updated that it has come to an agreement with its lender, Carlton Cadwell, and his associated entities. The agreement pertains to the conversion of $5 million of long-term debt into equity based convertible preferred stock. At the same time, the company informed that all the other lenders have also accepted the debt conversion terms. As per the terms of the agreement, the company has decided to convert Series A Convertible Preferred Stock at a fixed rate of $0.15 per share, which will be recorded under equity on the company’s balance sheet.
Other forward-looking statement
Other than this, Advanced Medical Isotope Corp.(OTCMKTS:ADMD) has exchanged the remaining debt of Cadwell family, which accounts $1 million, with the new non-convertible 6% note that will due to mature on December 31, 2017. The company expected the final documentation relating to the said agreement to complete before the end of the ongoing quarter. Further, the company made a note that the so-called created Series A will convert into common stock upon up listing on a national exchange.
Advanced Medical Isotope Corp. (OTCMKTS:ADMD) also shared with the investors that it has successfully repaid nearly $500,000 of seasoned trade payables, without causing an additional dilution to the existing shareholders. The company’s press release was loaded with another forward looking statement with respect to its efforts to reclassify its Y-90 RadioGel device under Class II.
The company’s sudden appearance took investors by a sweet surprise, which was reflective in its stock price that surged by 10% to $0.0030 as 47.49 million shares traded on the day.