AKR.L Regulatory News (AKR)

10 Nov 2006 14:27

Akers Biosciences, Inc.10 November 2006 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 1,204,996shares to Brittany Capital Management Limited ("Brittany"), a fund advised bySouthridge Capital Management LLC ("SCM"). The current transaction results fromthe second funding tranche of the previously announced convertible debentures of5 October 2005, and completely eliminates the principal balance of thatdebenture. The funds referred to above represent the conversion of $840,191.78of principal of the debenture, along with accrued interest of $26,932 (at 9%,annually). The funds raised as a result of this transaction are being used bythe Company to exploit their current commercial opportunities. The transaction provides $867,123.78 of permanent equity through the issue of1,204,996 shares of common stock ("Common Shares"), at no par value, at $.72(£0.38 per share). In addition, Edward Mulhare, a director, will be issued 60,459 shares in lieu ofunpaid directors' fees in the amount of $50,000. The price per share for thistransaction is 43.5 pence. Following this announcement, Mr Mulhare is the ownerof 639,030 common shares or 1.06% of the issued capital. For the purpose of this announcement, the exchange rate used is £1:$1.9017. Application has been made to the London Stock Exchange for the 1,265,455 CommonShares to be admitted to trading, such admission expected to take place on 15November 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