INFORMATION STATEMENT PURSUANT TO SECTION 14(c)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                                (Amendment No. )

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                               ISONICS CORPORATION
                    ----------------------------------------
                (Name of Registrant as Specified In Its Charter)

                          James E. Alexander, President
                          -----------------------------
                   (Name of Person(s) Filing Proxy Statement)

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                               ISONICS CORPORATION
                              5906 McIntyre Street
                                Golden, CO 80403

                        NOTICE OF ACTION TAKEN BY CONSENT
- --------------------------------------------------------------------------------

To: Holders of Outstanding of Isonics Corporation
          Class B Redeemable Common Stock Purchase Warrants and
          Class C Redeemable Common Stock Purchase Warrants

     Effective July 26, 2001, holders of more than two thirds of the outstanding
Class B Redeemable Common Stock Purchase Warrants and Class C Redeemable Common
Stock Purchase Warrants consented to an amendment to the terms of the Warrant
Agreement defining the terms of the outstanding Class B and Class C warrants.
This information is being provided to you in accordance with Regulation 14C as
adopted by the Securities and Exchange Commission.

CONSENTING HOLDERS

     Currently there are outstanding 1,105,110 Class B Warrants and 202,500
Class C Warrants. Section 11(a) of the Amended and Restated Warrant Agreement
governing the Class B and the Class C warrants provides that the agreement can
be amended by the written consent of the holders of not less than two-thirds
of the warrants then outstanding. A total of 9 persons who hold a total of
725,790 Class B warrants and 202,500 Class C warrants have consented to the
amendments described below.

     WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A
PROXY.

AMENDMENTS TO THE AMENDED AND RESTATED WARRANT AGREEMENT

     The Warrant Agreement, as further amended and restated by the consent of
the holders, has been filed with the Securities and Exchange Commission in an
amendment to our Form 8-A registration statement. We will be pleased to provide
a copy of the agreement to any warrant holder who may request a copy either by
telephone or in writing to us. Please address all such communication to James E.
Alexander, President. The amendments to the Warrant Agreement can be briefly
described as follows:

     o    We have updated certain dates in the Warrant Agreement and information
          we have included with respect to those dates, including the issuance
          of Class B and Class C warrants;

     o    We have expanded the definition of "Nasdaq" to include the OTC
          Bulletin Board and the "pink sheets," in the event our common stock is
          no longer quoted on the Nasdaq

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          SmallCap market;

     o    We have eliminated former Section 8(i) from the Warrant Agreement.
          That section provided for a price adjustment to $0.75 to the extent
          that a warrant holder submitted a warrant for exercise at a time when
          a registration statement relating to such exercise was not current and
          in effect; and

     o    We added a provision to Section 9(a) of the Warrant Agreement.
          Previously that section required that, before we could call the
          warrants for redemption the price must have exceeded $3.75 per share
          for 20 out of the previous 30 days, and a registration statement must
          have been in effect at the time we issue the call for redemption. As
          amended, Section 9(a) requires that the registration statement have
          been in effect during the 30 day measurement period.

REASONS FOR THE AMENDMENTS

     We issued shares of our common stock and Class B warrants to certain
accredited investors in December 2000. The agreement pursuant to which we issued
the securities required that we obtain effectiveness of a registration statement
by June 14, 2001. Despite significant effort and expense, we were unable to
achieve effectiveness of that registration statement. The terms of the
subscription agreements with the accredited investors provided, among other
things, for a price reduction to the Class B warrants issued to those investors
in a manner that was different to, and more onerous to us than, the Warrant
Agreement. Such a price reduction would have resulted in a significant dilution
adjustment to our outstanding Series A Convertible Preferred Stock which might
have had a material adverse affect on our capital structure and our ability to
raise additional capital.

     The subscription agreement for the December 2000 accredited investors also
provided for a price reduction based on certain events occurring after the
effectiveness of the anticipated registration statement. The units (consisting
of one share of common stock and two Class B warrants) were originally issued at
a price of $2.00 per unit. Based on the current price of our common stock, we
believed it likely that the price adjustment to $1.50 would have occurred.
Consequently we agreed to make the price adjustment at the present time, and
also to issue an additional Class B warrant for each unit purchased in December
2000.

     We believe that the amendments to the Warrant Agreement are in the best
interests of Isonics and all of our shareholders because it provides a
significant amount of certainty to our capital structure where alternatively it
would not have been certain. Furthermore, based on the language of the Warrant
Agreement before being amended, we may have had some Class B warrants
exercisable at the stated $1.50 exercise price while other Class B warrants were
exercisable at a lower, $0.75 price. This would have created an untenable
structure which would have resulted in a significant amount of confusion in the
market place and among the warrant holders themselves.

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EFFECTIVENESS OF THE AMENDMENT

     The amendment will be effective thirty days after this notification has
been mailed to the holders of the outstanding Class B and Class C warrants.

INTERESTS OF CERTAIN PERSONS IN OR MATTERS TO BE ACTED UPON

     None of our officers, directors or holders of more than 5% of our
outstanding securities purchased units in the December 2000 private placement to
accredited investors. No person who has been one of our officers or directors
since May 1, 2000, purchased units in the December 2000 private placement.
Consequently the terms of the amendment as described in the preceding section
were negotiated wholly at arms'-length.

PROPOSALS OF SECURITY HOLDERS

     We are not holding a meeting in connection with the amendment to the
Warrant Agreement.

ADDITIONAL INFORMATION

     Additional information concerning Isonics, including its reports which
have been filed with the Securities and Exchange Commission, may be accessed
through the SEC's EDGAR archives at www.sec.gov.

Dated: Golden, Colorado                By order of the board of directors,
       July 27, 2001                   James E. Alexander, President

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