Monday, 6 December 2010

Neptune's Acasti Well Financed For The Future

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


$4.6 million.

Not a bad raise from the exercise of warrants and call options for a company that isn't even trading. That was the story for Acasti Pharma Inc., a 60%-owned subsidiary of Neptune Technologies.

Neptune announced December 6th that with the exercise of these $0.40 warrants, in which Neptune management heavily participated, Acasti is well financed.
On insider participation, Neptune exercised 2,000,000 Series III Acasti Warrants at a price of $0.40 per warrant representing total proceeds of $800,000 for Acasti, according to a Nov. 11th news release. Board members and officers also confirmed their intention to exercise a minimum of 189,577 Series II Acasti Warrants at a price of $0.40 per warrant. In addition, a company controlled by an officer of Neptune made arrangements to have 481,750 Series II Acasti Warrants exercised. The above exercises of warrants will thus result in the issuance of a minimum of 671,327 Acasti shares representing additional proceeds of $268,531.

Neptune management has publicly stated that its priority is to complete a listing for Acasti on the TSX Venture as soon as possible. In addition, management has its fingers crossed that this can be achieved in conjunction with the launch of Phase II Canadian clinical trials for CaPre.

It is still awaiting final application approval from Canadian regulators.

To view the entire news release, please click here.