24th Oct 2006 09:36
Akers Biosciences, Inc.24 October 2006 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 479,180shares to Brittany Capital Management Limited ("Brittany"), a fund advised bySouthridge Capital Management LLC ("SCM"). The current transaction results fromthe second funding tranche of the previously announced convertible debentures of5 October 2005. The funds referred to above represent the conversion of$340,000 of principal of the debenture, along with accrued interest of $9,306(at 9%, annually). The funds raised as a result of this transaction are beingused by the Company to exploit their current commercial opportunities. The transaction provides $349,306 of permanent equity through the issue of479,180 shares of common stock ("Common Shares"), at no par value, at $.729(£0.39 per share). There remains approximately $840,000 of principal of this debenture outstandingto Brittany, which can be converted into Common Shares by Brittany up until 31December 2006. For the purpose of this announcement, the exchange rate used is £1:$1.866. Application has been made to the London Stock Exchange for the 479,180 CommonShares to be admitted to trading, such admission expected to take place on 27October 2006. Contact Paul B. Freedman - 001 856 848 2116. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AKR.L