1st Jul 2005 12:39
Akers Biosciences, Inc.01 July 2005 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 1,224,768shares to Platinum Partners Value Arbitrage Fund, L.P. ("Platinum"). Thecurrent transaction results from an agreement the Company entered into with twoinvestors on 11 March 2005. The funds referred to represent the conversion byPlatinum of $989,991 of principal of their note, as well as $17,739 of accruedinterest. The Company also announces that as a result of the same agreement referred to inthe preceding paragraph, it has issued 538,938 Common Shares, at no par value,to DKR SoundShore Oasis Holding Fund Ltd. ("DKR"), Platinum's co-investor, inconsideration for the conversion of $430,000 of the principal of their note, aswell as $13,439 of accrued interest. The transactions provide $1,451,169 of permanent equity through the issue of1,763,706 shares of common stock ("Common Shares"), at no par value, at $.82(£0.45 per share). Following these conversions, all of the outstanding principal amount of thenotes, as well as the accrued interest, has been fully paid. For the purpose of this announcement, the exchange rate used is £1:$1.82. Application has been made to the London Stock Exchange for the 1,763,706 CommonShares to be admitted to trading, such admission expected to take place on 5July 2005. 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