New Issue: Boston Restaurant sells $1.2 million convertible preferreds

By Sheri Kasprzak

New York, July 17 - Boston Restaurant Associates, Inc. completed a $1.2 million private placement of series A convertible preferreds.

The company sold 1,411,764 shares of the preferred stock at $0.85 each to Dolphin Direct Equity Partners, LP and other investors.

The preferreds are convertible on a one-for-one basis for common stock.

Based in Saugus, Mass., Boston Restaurant Associates operates a chain of restaurants mostly in the Boston area.

Issuer:	Boston Restaurant Associates, Inc.
Issue:	Series A convertible preferred stock
Amount:	$1.2 million
Shares:	1,411,764
Price:	$0.85
Conversion ratio:	Into 1,411,764 common shares
Warrants:	No
Investors:	Dolphin Direct Equity Partners, LP
Settlement date:	July 12
Stock symbol:	OTCBB: BRAI
Stock price:	$0.68 at close July 12

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