Friday, 7 September 2012

Neptune Sets NeuroBioPharm Dividend Date

Neptune Technologies & Bioressources

TSX: NTB - NASDAQ: NEPT
Basic Shares: 48.2 million
Fully diluted: 53.9 million
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It’s official! Neptune has set this October 15th as the record date for the dividend of units in NeuroBioPharm Inc. Neptune shareholders as of that date  will receive one unit of Neuro for every 25.1 shares of Neptune. A total of two million units are payable on October 31st.

Each Unit will consist of one share of NeuroBioPharm and two warrants. Exercising the warrants will cost $0.40 plus a transfer premium of $0.35 payable to Neptune. Based on all the warrants being exercised, Neptune would add $1.4 million to its coffers and NeuroBioPharm, $1.6 million to fund its pursuit of developing pharmaceutical neurological applications utilizing NTB’s krill oil as the platform.

The warrants expire either fifteen days after the listing of the shares on a recognized stock exchange or on April 12, 2014.

Long time Neptune shareholders will remember a similar structure was used for the Acasti Pharma dividend. In that case the warrants were $0.40 and resulted in $4.6 million being raised for Acasti in December 2010. On its first day of trading on the TSX Venture, April 1, 2011, APO stock closed at $0.60 and is now above $2.00.

To view the news release, please click here