MIDLAND — Cirque Energy Inc. (OTC Pink: EWRL) announced that it filed a definitive proxy statement with the U.S. Securities and Exchange Commission Thursday, May 28 to convene a special meeting of its stockholders on June 10 in Midland.
Among various matters to be presented for a vote at the meeting will be a proposal to increase the company’s authorized common stock from 300 million shares to 900 million shares.
As noted in the proxy statement, the company will use the additional shares to close on the previously announced acquisition of Cirque Energy II LLC and to raise capital for the future growth and expansion of the company, among other purposes.
Cirque aqnnounced last October that it had entered into a $5 million common stock purchase agreement with Kodiak Capital Group LLC, a Newport Beach, Calif. institutional investor. Cirque agreed to file a registration statement with the SEC covering the shares that may be issued to Kodiak under the terms of the purchase agreement. Upon the SEC declaring the registration statement effective, Cirque will have the right at its discretion over a one-yaer period to sell up to $5 million of common stock under the terms set forth in the agreement.
“This development represents yet another milestone in the relatively short history of our company,” said Cirque chairman, president and CEO Roger W. Silverthorn. “With the anticipated stockholder approval of the proposed increase in our authorized common shares June 10, the company plans to file a registration statement with the SEC shortly thereafter.”
Cirque Energy develops combined heat and power projects, industrial cogeneration, waste-to-energy, biomass, natural gas, and building energy efficiency projects. More at www.cirque-energy.com.
More about Kodiak at www.kodiakfunds.com.
Cirque Energy is now a $1M market cap, courtesy of the Kodiak Death Spiral.