Neptune Technologies & Bioressources Inc. announced Friday its acquisition of 6,750,000 Class A common shares from Acasti Pharma Inc. The transaction was an exercise of a previously issued warrant.

The shares were acquired for CDN$2.30 per share. This was in accordance with the terms of the warrant. As a result, Neptune's stake in Acasti Pharma increased. From around 57%, Neptune's equity participation in Acasti Pharma has now reached around 60%.

The exercised warrant was part of a royalty prepayment agreement between the two companies. The agreement was dated December 4, 2012.

Also, under an exclusive technology license agreement dated August 7, 2008, Acasti Pharma has the option to pay in advance for all future royalties. This royalty was payment for its use of intellectual property. As a result, Acasti Pharma does not need to pay royalties to Neptune during its use of said intellectual property.

Both the prepayment agreement and the issuance of shares have previously been approved by the TSX Venture Exchange. Similarly, disinterested shareholders of Acasti Pharma voted for both agreement and issuance of shares during their annual meeting last June 27, 2013.