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| BCON > SEC Filings for BCON > Form 8-K on 25-Sep-2009 | All Recent SEC Filings |
25-Sep-2009
Other Events
As previously disclosed, the Registrant entered into a Common Stock Purchase Agreement with Seaside 88, L.P. ("Seaside") on February 19, 2009, as amended June 19, 2009 (the "Agreement"). Under the Agreement, as so amended, the Registrant agreed to sell to Seaside, and Seaside agreed to purchase, 1,500,000 shares of the Registrant's common stock at a purchase price equal to 86% of the volume weighted average trading price of such common stock over the ten trading day period immediately preceding each closing, but in no event below $0.20 per share, on the 5th and 20th day of each month (or, if such day is not a business day, on the next business day) for the duration of the Agreement.
The Agreement provided for six initial closings. It also gave the Registrant the right, in its sole discretion, to extend the Agreement by six additional closings on two occasions (the "First Extended Term" and the "Second Extended Term", respectively) by giving notice to Seaside at the times specified in the Agreement. The Registrant exercised its option for the First Extended Term on June 19, 2009, which extended the duration of the Agreement through the closing scheduled for October 5, 2009.
On September 24, 2009, the Registrant gave notice to Seaside that it has elected to exercise its option for the Second Extended Term, and remitted the required payment of $50,000 to Seaside in consideration for the exercise of the option under the Agreement. The Second Extended Term will comprise the thirteenth through eighteenth closings under the Agreement, which are scheduled to occur beginning October 20, 2009, with the final closing on January 5, 2009. The Agreement gives the Registrant the right to delay closings for up to six months up to once each term, and provides that the Agreement will in any event terminate if the aggregate purchase price of the shares of common stock sold under the Agreement reaches $18 million. Reference is made to the Current Reports on Form 8-K filed February 20, 2009 and June 22, 2009 for more details relating to the terms of the Agreement.
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