Bourque Industries, Inc. Announces $7.5M Equity Investment From Ironridge Technology Co.
10 June 2013 - 10:00PM
OTC Markets
Follow on investment clears path for
growth
Tucson, 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.
Under 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.
The 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.
?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 make this follow-on commitment to Bourque
Industries, following our first $778,000 investment in
2012. We have a great
deal of trust and experience with Matt at the helm of multiple
public companies. He
and his teams have executed well against their stated plans, and
always fully performed as promised."
Matthew Schissler,
Chairman commented. "Let
this be a clear message to all of our partners, past, current and
future that the Bourque Industries ship is turning.? We have the necessary respected
financial partner and firepower in Ironridge Global to complete on
what we set out to do. Having secured this funding is a
major milestone for Bourque Industries, one that I personally take
with tremendous gratitude towards their willingness to continue to
partner with our organization.?
About Bourque Industries
Bourque Industries, Inc. is an advanced materials science company
that develops and produces metal alloys and related
product applications using our revolutionary metal-alloying
process, Kryron.
Kryronized alloys have shown global potential for paradigm-shifting
applications across a wide range of industries, including ballistic
armor, electrical, aviation, automotive, mining, medical devices,
agriculture and heavy equipment, consumer electronics, and
more. Our fundamental
goal is to establish broad market
penetration across a wide range of industries. Please visit
www.bourqueindustries.com.
CONTACT:
info@bourqueindustries.com
About Ironridge Technology
Co.
Ironridge Technology Co. is a division of Ironridge
Global IV, Ltd. that specializes in direct equity investments in
technology companies.
Ironridge Global Partners, LLC is an institutional investor, making
direct equity investments in small-cap and micro-cap public
companies. Ironridge Global has completed over 50 transactions
since 2011, ranging from under a quarter million to more than $15
million each, for Nasdaq, NYSE MKT, OTC Bulletin Board and Pink
Sheets companies. Ironridge Global Partner?s principals have
handled several hundred billion dollars in public company financing
transactions over more than two decades. Ironridge Global?s
extensive industry experience includes life sciences, energy,
natural resources, consumer products, media and technology. To
learn more about Ironridge Global Partners, please visit
http://www.ironridgeglobal.com.
Safe Harbor Statement:
This release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 27E of the Securities Act of
1934. Statements contained in this release that are not historical
facts may be deemed to be forward-looking statements. Investors are
cautioned that forward-looking statements are inherently uncertain.
Actual performance and results may differ materially from that
projected or suggested herein due to certain risks and
uncertainties including, without limitation, ability to obtain
financing and regulatory and shareholder approvals for anticipated
actions. Such statements are based on management's current
expectations and are subject to certain factors, risks and
uncertainties that may cause actual results, events and performance
to differ materially from those referred to or implied by such
statements. In addition, actual or future results may differ
materially from those anticipated depending on a variety of
factors, including continued maintenance of favorable license
arrangements, success of market research identifying new product
opportunities, successful introduction of new products, continued
product innovation, sales and earnings growth, ability to attract
and retain key personnel, and general economic conditions affecting
consumer spending. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. BORK does not intend to update any of the
forward-looking statements after the date of this release to
conform these statements to actual results or to changes in its
expectations, except as may be required by
law.
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