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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":"Follow on investment clears path for growth\nTucson, AZ June 10, 2013 ? 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 \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 \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 under the Securities Act of 1933 and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from such registration requirements. \n \n?We are extremely impressed with the disruptive potential of the Kryon technology, and are grateful for the opportunity to help facilitate the Company?s vision to better protect American military, security and law enforcement personnel,? commented John C. Kirkland, Managing Director of Ironridge Global Partners. \"We are very pleased to...