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It is the largest investor stake so far in the project
International Isotopes (OTC:INIS), which is developing a uranium deconversion and high purity fluorine gas production plant in Hobbs, NM, announced it has raised $5.8 million in a private placement. It is the largest investor stake in the firm so far. The funds will be used to support NRC licensing and design of the facility.
Steve Laflin, CEO, said the funds will mean the firm can complete its NRC licensing process. Once the firm has a license, additional investors are expected to show interest in the firm.
Laflin said in a statement the NRC licensing process is going smooth.
"We're completing milestones on time and expect a license in January 2012 or sooner."
Inventory purchase agreement with DOE
International Isotopes Inc. purchased approximately 1,200 metric tons of depleted uranium materials from the U.S. Department of Energy (DOE) remediation contractor, LATA/Parallax Portsmouth, LLC. Contract runs thru 2014.
Additionally, this sale will save the DOE approximately $1.9 million in future disposal costs.
Laflin also said his firm is focused on building a safe and environmentally-friendly, "green" depleted uranium de-conversion and fluorine extraction facility in the nation. Measures include water conservation and energy efficiency. Contact the firm for technical details.
The proposed $93 million facility will use the company’s patented fluorine extraction process technology to convert byproduct materials from uranium enrichment operations into readily disposable forms, and in the process, produce high-value, specialty fluoride gases, which are used to manufacture of a host of products – including thin film photovoltaic materials for solar applications.
It is somewhat astonishing that a process that takes the waste product for development of fuel for nuclear power plants can turn some of it into a product needed by the solar energy industry. Now that’s technology transfer and sustainability, or whatever you want to call it, all in one place.
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Note to readers: I do not own any stock in this firm nor do I make recommendations on the stock of any company.
