Surrender and Reissuance Agreement between Cornell Capital Partners, LP and Isonics Corporation

Contract Categories: Business Finance › Modification Agreements
Summary

Cornell Capital Partners, LP and Isonics Corporation have agreed to exchange certain financial instruments. Cornell will surrender specific debentures and warrants to Isonics for cancellation, and Isonics will issue new debentures and warrants of equal value and terms in return. This agreement ensures that the original financial instruments are replaced with new ones, maintaining the same principal amounts and share purchase rights. The agreement is effective as of June 13, 2006.

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EX-10.1 2 a06-13882_1ex10d1.htm EX-10

Exhibit 10.1

Surrender and Reissuance Agreement

For good and valuable consideration, in hand paid and the receipt and sufficiency of which is hereby acknowledged, Cornell Capital Partners, LP (“Cornell”) and Isonics Corporation (“Isonics”) hereby agree as of this 13th day of June 2006 as follows:

1.                                       Cornell hereby surrenders to Isonics for cancellation Debenture No. CCP-1 in the original principal amount of $10,000,000; Isonics hereby tenders to Cornell in exchange therefor Debenture No. CCP-3 in the original principal amount of $10,000,000.

2.                                       Cornell hereby surrenders to Isonics for cancellation Debenture No. CCP-2 in the original principal amount of $3,000,000; Isonics hereby tenders to Cornell in exchange therefor Debenture No. CCP-4 in the original principal amount of $3,000,000.

3.                                       Cornell hereby surrenders to Isonics for cancellation Warrant No. CCP-001 for the purchase of 2,000,000 shares of Isonics common stock at a purchase price of $1.25 per share; Isonics hereby tenders to Cornell in exchange therefor Warrant No. CCP-002 for the purchase of 2,000,000 shares of Isonics common stock at a purchase price of $1.25 per share.

4.                                       Cornell hereby surrenders to Isonics for cancellation Warrant No. CCP-001 for the purchase of 3,000,000 shares of Isonics common stock at a purchase price of $1.75 per share; Isonics hereby tenders to Cornell in exchange therefor Warrant No. CCP-003 for the purchase of 3,000,000 shares of Isonics common stock at a purchase price of $1.75 per share.

5.                                       Cornell hereby surrenders to Isonics for cancellation Warrant No. CCP-001 for the purchase of 3,000,000 shares of Isonics common stock at a purchase price of $2.00 per share; Isonics hereby tenders to Cornell in exchange therefor Warrant No. CCP-004 for the purchase of 3,000,000 shares of Isonics common stock at a purchase price of $2.00 per share.

IN WITNESS WHEREOF, the Buyers and the Company have caused this Securities Purchase Agreement to be duly executed as of the date first written above.

 

CORNELL

 

COMPANY:

CORNELL CAPITAL, L.P.

 

ISONICS CORPORATION

 

 

 

 

 

By:

 

 

By:

 

Mark Angelo, Portfolio Manager

 

Name:

James E. Alexander

 

 

 

Title:

President and Chief Executive Officer