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ADMD > SEC Filings for ADMD > Form 8-K on 16-Apr-2012All Recent SEC Filings

Show all filings for ADVANCED MEDICAL ISOTOPE CORP

Form 8-K for ADVANCED MEDICAL ISOTOPE CORP


16-Apr-2012

Creation of a Direct Financial Obligation or an Obligation under an


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On April 12, 2012, in exchange for $132,800, the Company issued to an investor who is a director and principal shareholder of the Company a convertible note in the principal amount of $132,800 and 53,120 shares of common stock as a loan origination fee. The note bears interest at 10% per annum. The principal and interest are due and payable in full on the maturity date of April 12, 2013. At the option of the holder, the principal and interest are convertible into common stock at $0.09 per share.

This disclosure under item 2.03 is being made in the event that the note described above, together with the note described below, were deemed to constitute a direct financial obligation that is material to the Company.

On March 22, 2012, in exchange for $115,000, the Company issued to the same investor a convertible note in the principal amount of $115,000 and 46,000 shares of common stock as a loan origination fee. The note bears interest at 10% per annum. The principal and interest are due and payable in full on the maturity date of March 22, 2013. At the option of the holder, the principal and interest are convertible into common stock at $0.14 per share.



Item 3.02 Unregistered Sales of Equity Securities.

Although not obligated to do so, the Company is making this disclosure under item 3.02 in order to update the disclosure in its most recent periodic report regarding the sale of unregistered convertible notes and the related issuance of common stock.

The information regarding the transactions described above in item 2.03 is incorporated herein by this reference. No underwriters were used for those transactions. As to those transactions, the Company relied upon the exemption from registration set forth in section 4(2) of the Securities Act of 1933, as amended, based upon the private nature and the limitations of the transactions.

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