Unassociated Document
UNITED
STATES SECURITIES AND EXCHANGE
COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of Earliest Event Reported): June 21, 2006
(June
15, 2006)
|
ISORAY,
INC.
(Exact
name of registrant as specified in its charter)
|
Minnesota
(State
or other jurisdiction
of
incorporation)
|
000-14247
(Commission
File
Number)
|
41-1458152
(IRS
Employer
Identification
No.)
|
350
Hills Street, Suite 106, Richland, Washington 99354
(Address
of principal executive offices) (Zip Code)
(509)
375-1202
(Registrant's
telephone number)
ITEM 1.01
Entry into a Material Definitive Agreement.
On
June
15, 2006, IsoRay Medical, Inc., the wholly owned subsidiary of the Registrant,
entered into a Loan Agreement with the Hanford Area Economic Investment Fund
Committee ("HAEIFC"). HAEIFC has funded a $1.4 million loan to IsoRay Medical
at
an interest rate of 9% and with a 10 year term. The loan is secured by IsoRay
Medical's accounts receivable, inventory, equipment and machinery and by
assignments of a lease and certain life insurance policies. The loan contains
certain financial and other covenants, including that all production facilities
and corporate headquarters must remain in Benton and Franklin Counties in
Washington (although HAEIFC will consider requests for moving part of IsoRay
Medical's operations or establishing additional facilities outside this area),
that no employee may receive annual compensation in excess of $100,000 unless
receiving such compensation prior to June 15, 2006 (subject to exceptions for
certain prospective employees), and that, effective June 30, 2010, no dividends
or bonuses may be paid in excess of 30% of the prior year's net
income.
ITEM 8.01
Other Events.
On
June
20, 2006, the Registrant issued a press release attached as Exhibit 99.1.
ITEM 9.01
Financial Statements and Exhibits.
(c) Exhibits
|
10.31
|
Loan
Agreement, dated June 15, 2006, by and between IsoRay Medical, Inc.
and
the Hanford Area Economic Investment Fund
Committee
|
|
10.32
|
Commercial
Security Agreement, dated June 15, 2006, by and between IsoRay Medical,
Inc. and the Hanford Area Economic Investment Fund
Committee
|
|
99.1 |
Press Release, dated June 20,
2006 |
SIGNATURES
In
accordance with the requirements of the Exchange Act, the Registrant caused
this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Dated:
June 21, 2006
|
|
|
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IsoRay,
Inc., a
Minnesota corporation |
|
|
|
|
By: |
/s/ Michael
K. Dunlop |
|
Michael
K. Dunlop, CFO
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