NEW YORK (TheStreet) -- Great Basin Scientific (GBSN) stock is down 11.51% to $1.23 on heavy trading volume on Tuesday after the company announced it was issuing $22.1 million in senior convertible notes and common stock purchase warrants.

The stock purchase warrants will result in proceeds of $18.4 million, the company said in a statement on Tuesday. The money will be used to fund the company's ongoing operations.

The stock purchase warrants are equal to 16.6% of the company's issued and outstanding common stock.

Based in West Valley City, UT, Great Basin is a molecular diagnostic testing company.

So far today, 3.26 million shares of Great Basin have traded, versus its 30-day average of 1.61 million shares.

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