Perma-Fix Environmental Services has signed a letter of intent with a private investor to sell $10 million of preferred shares in its wholly owned subsidiary, Perma-Fix Medical.
At a price of $8 per share, the undisclosed investor would own approximately 48.6% of Perma-Fix Medical's issued and outstanding voting securities upon closing the transaction.
The investor also would receive a 36-month warrant to purchase three-quarters of one share of Perma-Fix Medical common stock for each share of preferred stock acquired by the investor at closing at a price of $9 for each three-quarters of one share.
Stephen Belcher, Perma-Fix Medical 's CEO, said the funding should help the company reach its goal of commercializing its technetium-99m technology, which is designed to produce the isotope without the use of uranium.
