LAVAL, Quebec, July 12, 2013 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. (" Neptune") (Nasdaq:NEPT) (TSX:NTB) announces today 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 CDN$2.30 per Share upon the exercise of the Warrant. This reflects a total exercise price of approximately CDN$15.5 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.The Prepayment Agreement and the issuance of the Shares to Neptune have been approved by the TSX Venture Exchange and the disinterested shareholders of Acasti (excluding Neptune and non-arm's length parties to Neptune) at the annual meeting of shareholders of Acasti held on June 27, 2013. About Neptune Technologies & Bioressources Inc. Neptune is a biotechnology company engaged primarily in the development and commercialization of marine-derived omega-3 polyunsaturated fatty acids, or PUFAs. Neptune has a patented process of extracting oils from Antarctic krill, which omega-3 PUFAs are then principally sold as bulk oil to Neptune's distributors who commercialize them under their private label primarily in the U.S., European and Asian neutraceutical markets. Neptune's lead products, Neptune Krill Oil (NKO®) and ECOKRILL Oil (EKO™), generally come in capsule form and serve as a dietary supplement to consumers.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV