Neptune Technologies successfully completes $2.75 million private placement with 10% management par...( Proceeds to be used to support th...)

Proceeds to be used to support the achievement of several value-creating

developments and commercial milestones of Acasti Pharma

LAVAL, QC, Oct. 9 /PRNewswire-FirstCall/ - The Board of Directors of Neptune Technologies & Bioressources Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) today announced that the Company successfully completed as of October 8, 2008, the private placement of units of convertible debentures for gross proceeds of $2,750,000.

The convertible debentures bear interest at the rate of 8% per year and mature three years from issuance. Upon maturity, the convertible debentures may be redeemed by Neptune in cash or converted, with a premium, into Neptune common shares. The proceeds from this financing will be invested by Neptune into Acasti Pharma in order to reach several value-creating development and commercial milestones within Acasti Pharma's over-the-counter, prescription medical food and prescription drug programs. The Board of Directors' decision to proceed with the private placement up to a maximum of $2,750,000 was influenced by its desire to provide for minimum dilution while allowing Acasti Pharma to reach critical milestones during the next two years, which is expected to create substantial value for all shareholders.

Each unit of the private placement is comprised of a $1,000 convertible debenture, 400 warrants to acquire shares of Neptune at $1.25 per share and 400 call options allowing the holder to acquire from Neptune an equal number of Acasti Pharma Class A shares, priced at $0.25 per share, in each case expiring on April 30, 2010.

During a period of two years from the date of issuance, the debentures may be converted into units, each comprised of one Neptune common share priced at $1.25 for the principal portion of the convertible debenture and at market price of Neptune common shares for the accrued interest and one-half warrant exercisable at market price. During the time period from June 1,
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