AKR.L Regulatory News (AKR)

7 Sep 2007 12:52

Akers Biosciences, Inc.07 September 2007 Akers Biosciences, Inc.Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 2,051,811shares ("Common Shares") to Brittany Capital Management Limited ("Brittany"), afund advised by Southridge Capital Management LLC ("SCM"). The transactionresults from an agreement (the "Agreement") entered into by the Company, SCM andBrittany at the end of May 2007 under which SCM provided $4.5 million ofconvertible debt to the company, at an annual interest rate of 10 per cent.Under the terms of the Agreement, SCM is entitled to convert tranches of thedebt into Common Shares up until 31 December 2008. The funds raised as a resultof the Agreement are being used by the company to exploit their currentcommercial opportunities. The transaction represents the conversion by Brittany of $350,000 of principalof the debenture, along with accrued interest of $62,783. The transactionprovides $412,783 of permanent equity through the issue of 2,051,811 shares ofcommon stock ("Common Shares"), at no par value, at $.20 (£0.10 per share). There remains approximately $3,870,000 million of principal of this debentureoutstanding to Brittany. For the purpose of this announcement, the exchange rate used is £1: $2.012. Application has been made to the London Stock Exchange for the 2,051,811 CommonShares to be admitted to trading, such admission expected to take place on 12September 2007. Contact Thomas A. Nicolette - 001 856 848 8698President & Chief Financial Officer END This information is provided by RNS The company news service from the London Stock Exchange