AKR.L Regulatory News (AKR)

4 Aug 2006 16:24

Akers Biosciences, Inc.04 August 2006 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 541,532shares to Brittany Capital Management Limited ("Brittany"), a fund advised bySouthridge Capital Management LLC ("SCM"). The current transaction results from the second funding tranche of thepreviously announced convertible debentures of 5 October 2005. The fundsreferred to above represent the conversion of $500,000 of principal of the debenture, along with accrued interest of $3,822 (at 9%, annually). The funds raised as a result of this transaction are being used by the Company to exploit their current commercial opportunities. The transaction provides $503,822 of permanent equity through the issue of541,532 shares of common stock ("Common Shares"), at no par value, at $.93(£0.50 per share). There remains approximately $2,500,000 of principal of the debenturesoutstanding to Brittany, which can be converted into Common Shares by Brittanyup until 31 December 2006. For the purpose of this announcement, the exchange rate used is £1:$1.87. Application has been made to the London Stock Exchange for the 541,532 CommonShares to be admitted to trading, such admission expected to take place on 10August 2005. Contact Paul B. Freedman - 001 856 848 2116. This information is provided by RNS The company news service from the London Stock Exchange