Perma-Fix to get $10M investment

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.

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