Neptune Technologies & Bioressources Inc Announces Issuance of Shares Under Previously Announced Royalty Prepayment Agreement That Increases Equity Participation in Acasti Pharma Inc
Neptune Technologies & Bioressources Inc announced it has acquired, through the exercise of a previously issued warrant (the Warrant), 6,750,000 Class A common shares (the Shares) in the capital of Acasti Pharma Inc. (Acasti), a majority owned subsidiary of Neptune. The Shares were acquired at a price of CAD2.30 per Share upon the exercise of the Warrant. This reflects a total exercise price of approximately CAD15.5 million. The Warrant was delivered to Neptune pursuant to a royalty prepayment agreement, dated December 4, 2012, entered into between Neptune and Acasti (the Prepayment Agreement), under which Acasti has exercised the option embedded in its exclusive technology license agreement dated August 7, 2008 entered into between Acasti and Neptune (the License Agreement) to pay in advance all of the future royalties payable under the License Agreement. As a result of the royalty prepayment transaction, Acasti is no longer required to pay any royalties to Neptune under the License Agreement during its term for the use of the intellectual property under license. The exercise of the Warrant has increased Neptune's equity participation in Acasti from approximately 57% to approximately 60% as at July 12, 2013.
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