International Isotopes Inc. (OTCBB: INIS) shares climbed 16.7% late Wednesday morning to 10.5 cents on news of a property transfer involving one of its proposed plants. Volume for the stock was 27,600 shares.
A press release out August 24 noted that the company, based in Hobbs, New Mexico has completed the process for the receipt of property transferred from the State of New Mexico and Lea County to the Company. The Company now holds title to the property consisting of 640 acres located about 10 miles west of Hobbs, and about 25 miles from the URENCO USA enrichment facility in Eunice, N.M.
The planned INIS de-conversion facility is expected to occupy approximately 40 acres near the center of this property. The Company plans to use the remaining property as a buffer zone for future expansion and for the potential co-location of prospective customer facilities utilizing the fluoride products produced from de-conversion and fluorine extraction.
The property was originally offered to INIS as part of an incentives package prepared by the Economic Development Corporation of Lea County.
In the same release, INIS CEO Steve Laflin said, “We are extremely pleased with the successful completion of this property transfer and look forward to the start of site development and construction activities. The land transfer process was complex and required a lot of hard work and diligence on the part of many individuals at the state and county level.
“INIS wants to express our appreciation to the numerous individuals, organizations, and municipalities that contributed to seeing this transfer process through to completion. This is a significant step forward in our plans to construct the nation’s first ‘green technology’, commercial depleted uranium de-conversion facility in Lea County.”
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, high purity fluoride gases, and a variety of cobalt-60 products such as teletherapy sources.