International Isotopes has raised approximately $3 million by a convertible debt securities purchase agreement to support continued engineering design and licensing of the company’s planned uranium processing and fluorine extraction facility.

The proceeds from the convertible debt will be used to support the ongoing work which involves supporting the Nuclear Regulatory Commission (NRC) review of the license application submitted in December 2009, preparation of a specifications package to select a design-and-build contractor, and an application request for NRC approval of certain limited pre-license construction activities, according to the Idaho Falls, Idaho-based company.