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Bourque Industries, Inc. Announces $7.5M Equity Investment From Ironridge Technology Co.
Bourque Industries, Inc. Announces $7.5M Equity Investment From Ironridge Technology Co..
About this update from Bourque Industries, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nBourque Industries, Inc. Announces $7.5M Equity Investment From Ironridge Technology Co.\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\nBourque Industries, Inc. Announces $7.5M Equity Investment From Ironridge Technology Co.\n\nFollow on investment clears path for growth\n\nPR Newswire\n\nTUCSON, Ariz., June 10, 2013\n\n\n\n\n\n\n\nTUCSON, Ariz., June 10, 2013 /PRNewswire/ -- Bourque Industries, Inc. (Pink Sheets: BORK), which is developing carbon metal alloys and related product applications using a patented process called Kryron, announced today that it has entered into a $7.5 million stock purchase agreement with Ironridge Technology Co., an institutional investor that specializes in direct equity investments in the technology sector. The Company plans to use the proceeds from this investment to fund operational growth, make additional strategic leadership additions, focus sales and marketing channels, and work on resolving outstanding liabilities.\n\n\nUnder the terms of the agreement, Bourque Industries will issue Ironridge restricted convertible preferred stock as funds are drawn down monthly. These are convertible into restricted common stock at a fixed price of $0.04 per share. Ironridge will be unable to convert the preferred shares into common stock for at least 6 months after each issuance. The preferred shares will earn dividends of 8% per year for 18 years, subject to adjustment. \n\n\nThe first Closing occurred June 5, 2013 in which the Company received $55,000. 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. A more detailed description of the private placement is contained in the Company's Supplemental Information Filing with OTC Markets on June 7, 2013, seen here: http://www.otcmarkets.com/financialReportViewer?symbol=BORK&id=106097. The securities offered in this private placement have not been registered unde...