Wednesday, 13 October 2010

Neptune Tucks Over $2 Million Into Bank

Neptune Technologies & Bioresources
Basic Shares: 40.2 million
Fully diluted: 43.1 million

Neptune's Oct. 13th announcement it raised $2.6 million in a non-brokered private placement is icing on the cake for the company's treasury.

For those who may be wondering, NTB's cash position is approximately $4.5 million. Should the positive trend of Q1/F2010 continue, the company will continue to add free cash flow to its balance sheet.

Major institutional investors took up the lion's share of the placement which was done through the offering of common shares at $1.85 per share.

Neptune wanted these additional dollars available to ensure flexibility in its planning for a future clinical study for its 60% owned, Acasti Pharma Inc.

To read the full news release, please click here.