AKR.L Regulatory News (AKR)

14 Mar 2007 15:52

Akers Biosciences, Inc.14 March 2007 Akers Biosciences, Inc. Issue of Shares Further to the announcement on 9 March 2007, Akers Biosciences, Inc. ("theCompany") today announces it has issued a further 87,906 shares ("Common Shares") to Brittany Capital Management Limited ("Brittany"), a fund advised bySouthridge Capital Management LLC ("SCM"). The transaction results fromagreements (the "Agreements") entered into by the Company, SCM and Brittany atthe end of January 2007 under which SCM provided $2.4 million of convertibledebt to the Company, at an annual interest rate of 9 per cent. Under the termsof the Agreements, SCM is entitled to convert tranches of the debt into CommonShares up until 31 July 2007. The funds raised as a result of the Agreementsare being used by the Company to exploit their current commercial opportunities. The transaction represents the conversion by Brittany of accrued interest on thedebenture of $65,812. The transaction provides $65,812 of permanent equitythrough the issue of 87,906 shares of common stock ("Common Shares"), at no parvalue, at $.75 (£0.38 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:$1.960. Application has been made to the London Stock Exchange for the 87,906 CommonShares to be admitted to trading, such admission expected to take place on 19March 2007. Contact Thomas A. Nicolette - 001 856 848 2116. END This information is provided by RNS The company news service from the London Stock Exchange