Bourque Industries, Inc. (OTCPK:BORK) announced a private placement of Series A Preferred Stock for gross proceeds of $7,500,000 from returning investor Ironridge Global Partners, LLC on May 23, 2013. The convertible preferred stock is convertible into restricted common stock of the company 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.