AKR.L Regulatory News (AKR)

9 Mar 2007 15:14

Akers Biosciences, Inc.09 March 2007 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued a further400,197 shares ("Common Shares") to Brittany Capital Management Limited ("Brittany"), a fund advised by Southridge Capital Management LLC ("SCM"). Thetransaction results from agreements - (the "Agreements") entered into by theCompany, SCM and Brittany under which SCM provided a total of $2.4 million ofconvertible debt to the Company, at an annual interest rate of 9 per cent.Under the terms of the Agreements, SCM is entitled to convert tranches of thedebt into Common Shares up until 31 July 2007. The funds raised as a result ofthe Agreements are being used by the Company to exploit their current commercialopportunities. The transaction represents the conversion by Brittany of $235,000 of principalof the debenture, along with accrued interest of $11,068. The transactionprovides $246,068 of permanent equity through the issue of 400,197 shares ofcommon stock ("Common Shares"), at no par value, at $.61 (£0.31 per share). There remains approximately $2.2 million of principal of this debentureoutstanding to Brittany. For the purpose of this announcement, the exchange rate used is £1:$1.968. Application has been made to the London Stock Exchange for the 400,197 CommonShares to be admitted to trading, such admission expected to take place on 12March 2007. Contact Paul B. Freedman - 001 856 848 2116. END This information is provided by RNS The company news service from the London Stock Exchange