AKR.L Regulatory News (AKR)

27 Apr 2005 12:37

Akers Biosciences, Inc.27 April 2005 Akers Biosciences, Inc Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued shares toDKR SoundShore Oasis Holding Fund Ltd. ("DKR"). The current transaction resultsfrom an agreement the Company entered into with Platinum and DKR on 11 March2005. The funds referred to below represent the conversion of $70,000 ofprinciple of their note. The funds raised as a result of this transaction arebeing used by the Company to exploit their current commercial opportunities. The transaction provides $70,000 of permanent equity through the issue of 92,324shares of common stock ("Common Shares"), at no par value, at $0.76 (40p pershare). For the purpose of this announcement, the exchange rate used is £1.00 : $1.91. In addition, the Company announces the conversion of $10,000 of a loan made tothe Company in February, 2005, by an individual investor, through the issuanceof 10,638 of the Company's Common Shares. The price employed for thistransaction was $0.94 (49p per share), the closing price on 25 April 2005, thedate of the conversion. Application has been made to the London Stock Exchange for the 102,962 CommonShares to be admitted to trading, such admission expected to take place on 29April 2005. Contact Paul B. Freedman - 001 856 848 2116 End This information is provided by RNS The company news service from the London Stock Exchange