AKR.L Regulatory News (AKR)

23 Aug 2006 16:43

Akers Biosciences, Inc.23 August 2006 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 341,913shares to Brittany Capital Management Limited ("Brittany"), a fund advised bySouthridge Capital Management LLC ("SCM"). The current transaction results fromthe conversion of the final principal balance, along with accrued interest, ofthe first tranche of the convertible debentures which were previously announcedon 5 October 2005. The funds referred to above represent the conversion of$270,000 of principal of the debenture, along with accrued interest of $3,462(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 $273,462 of permanent equity through the issue of341,913 shares of common stock ("Common Shares"), at no par value, at $.80(£0.425 per share). For the purpose of this announcement, the exchange rate used is £1:$1.88. Application has been made to the London Stock Exchange for the 341,913 CommonShares to be admitted to trading, such admission expected to take place on 29August 2006. Contact Paul B. Freedman - 001 856 848 2116. END This information is provided by RNS The company news service from the London Stock Exchange