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Axiologix, Inc. Announces $7.5 Million Preferred Equity Investment With Ironridge Technology
Axiologix, Inc. Announces $7.5 Million Preferred Equity Investment With Ironridge Technology.
About this update from Axiologix Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nAxiologix, Inc. Announces $7.5 Million Preferred Equity Investment With Ironridge Technology\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nAxiologix, Inc. Announces $7.5 Million Preferred Equity Investment With Ironridge Technology\n\nPROCEEDS TO BE USED FOR OPERATIONAL EXPANSION AND ACCRETIVE ACQUISITIONS\n\nPR Newswire\n\nSARASOTA, Fla., May 7, 2013\n\n\n\n\n\n\n\nSARASOTA, Fla., May 7, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (Pinksheets: AXLX), an International Technology and Services Organization focused on delivering Cloud-based Products and Services, announced today that it has entered into a $7.5 million Preferred Equity Investment with Ironridge Technology Co., a division of Ironridge Global.\n\n\nThe Company plans to use the proceeds from this structured investment to fund operational growth, such as the joint venture announced on May 2nd, make additional strategic and immediately accretive acquisitions and to pay down remaining debt over time.\n\n\nUnder the terms of the agreement, Axiologix will issue Ironridge restricted Series C Convertible Preferred Shares as funds are drawn down monthly. These are convertible into restricted common stock at a fixed price of $0.0008 per share. Ironridge will be unable to convert the preferred shares into common stock for at least 12 months after each issuance. The Preferred shares will earn dividends of 8% per year, subject to common stock share price performance during the period that will either decrease or increase the dividends payable. The first Closing occurred on May 2, 2013 in which the Company received $50,000. Each subsequent Closing will take place on the first day of each calendar month thereafter or sooner, at the Company's option if certain conditions set forth in the Stock Purchase Agreement are met. Full details of the transaction have been posted at http://www.otcmarkets.com/stock/AXLX/filings\n\n\n\n\nJohn C. Kirkland, Managing Director of Ironridge Global Partners said, \"We are very pleased to make this next commitment to Axiologix following our first $800...