MONTREAL, May 25 /CNW Telbec/ - Neptune Technologies & Bioressources Inc. ("Neptune") announces that it intends to proceed, during the coming days, with a private placement for gross proceeds estimated between $600,000 to $1,000,000, in consideration of the issuance of common shares issued at $0.20 per share and warrants allowing its holders to acquire common shares of Neptune at a price of $0.25 per share for a 24 month period following their issuance. For each subscribed share, each subscriber will receive one warrant.
It is anticipated that insiders of Neptune will participate in this private placement in a proportion of more than 25 %.
Simultaneously with this private placement, Neptune wishes to proceed with the issuance of additional common shares to its directors at a price of $0.15 per share in consideration of the payment of sum of approximately $40,000, which is owed to them as remuneration for their functions as directors of the company.
The completion of theses operations remains subject to all the necessary regulatory approvals from the concerned authorities, including with the TSX Venture Exchange.
Neptune develops and exploits marine biomasses with its extraction processes utilizing marine biomasses such as krill and other under exploited marine resources, in order to offer its products to nutraceutical, cosmetic, cosmeceutical and biopharmaceutical markets.
Due to its technological platforms, Neptune is strategically well positioned in the big emerging markets based on the health and wellness market concepts, in which natural biomass extraction will play an important role in developing nutrigenomics, the next wave in nutritional research.
Since July 11 2001, Neptune is listed on the TSX Venture Exchange under the ticker symbol NTB.
The TSX Venture Exchange has neither approved nor accepts any responsibility with respect to the veracity or exactitude of this press release.