ADVANCED MEDICAL ISOTOPE CORPORATION (OTCMKTS:ADMD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into A Material Definitive Agreement
On December 13, 2017, Advanced Medical Isotope Corporation (the “Company”) and the holders of previously-issued Senior Secured Convertible Debentures (the “Debentures”) entered into an Agreement to Amend (“Amendment”) the Debentures such that the alternative conversion price set forth therein shall be available on thedate of conversion after April 15, 2018. Prior to the Amendment, the Debenture permitted an alternative conversion price for conversions occurring after December 15, 2017. In consideration for the Amendment, the holders of the Debentures were issued an aggregate of 627,301 shares of Series A Convertible Preferred Stock.
The Debentures are part of a series originally issued in May 2017. As of December 15, 2017, the total principal balance outstanding under the terms of the Debentures was $3.3 million.
Item 3.02 Unregistered Sales of Equity Securities
See Item 1.01.
Item 9.01 Financial Statements and Exhibits
Form of Agreement to Amend.
The foregoing description of the Agreement to Amend does not purport to be complete, and is qualified in its entirety by reference to the full text of the Agreement to Amend, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.
ADVANCED MEDICAL ISOTOPE Corp ExhibitEX-10 2 ex10-12182017_021223.htm ex10-12182017_021223.htm Exhibit 10.1 AGREEMENT TO AMEND SENIOR SECURED CONVERTIBLE DEBENTURE MATURING MAY 9,…To view the full exhibit click
About ADVANCED MEDICAL ISOTOPE CORPORATION (OTCMKTS:ADMD)
Advanced Medical Isotope Corporation, formerly Savage Mountain Sports Corporation, is a radiation oncology focused medical device company. The Company is engaged in the development of yttrium-90 (Y-90)-based brachytherapy devices for the treatment of non-resectable tumors. Brachytherapy uses radiation to manage cancerous tumors by placing a radioactive isotope inside or next to the treatment area. The Company’s lead product is the Y-90 RadioGel device. The Company is engaged in the development of its brachytherapy products, which includes Y-90 RadioGel device, Y-90 Fast-Resorbable Polymer Seeds and Y-90 Polymer Topical Paste. Y-90 RadioGel device combines Y-90 particles with a polymer carrier that is injected into the tumor. Y-90 Fast-Resorbable Polymer Seeds contains Y-90 within a polymer seed, as opposed to metal or glass. Y-90 Polymer Topical Paste is designed to be applied to tissue surfaces after surgical tumor removals to treat residual tumor cells.