Information  X 
Enter a valid email address

Akers Biosciences (AKR)

  Print      Mail a friend

Wednesday 23 August, 2006

Akers Biosciences

Additional Listing

Akers Biosciences, Inc.
23 August 2006


                            Akers Biosciences, Inc.

                                Issue of Shares


Akers Biosciences, Inc. ('the Company') today announces it has issued 341,913
shares to Brittany Capital Management Limited ('Brittany'), a fund advised by
Southridge Capital Management LLC ('SCM').  The current transaction results from
the conversion of the final principal balance, along with accrued interest, of
the first tranche of the convertible debentures which were previously announced
on 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 being
used by the Company to exploit their current commercial opportunities.

The transaction provides $273,462 of permanent equity through the issue of
341,913 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 Common
Shares to be admitted to trading, such admission expected to take place on 29
August 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