By Sheri Kasprzak
New York, April 18 - Tasker Products Corp. wrapped a $5.499 million private placement of secured convertible promissory notes.
In the most recent tranche, the company sold $600,000 of the 10% notes due June 30, 2007.
The notes are convertible into common shares at $0.0725 each.
The company previously sold $595,000 in notes before Dec. 8, 2006, $1.076 million on Dec. 22, 2006; $1.117 million on Jan. 25, 2007; $774,000 on Jan. 31, 2007; $837,000 on Feb. 14, 2007; and $500,000 on Feb. 21, 2007.
The investors received four-year warrants for 30.55 million shares, exercisable at $0.09 each.
Based in Danbury, Conn., Tasker makes hygienic products used to process seafood and agricultural products.
| Issuer: | Tasker Products Corp.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $5.499 million
|
| Maturity: | June 30, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.0725
|
| Warrants: | For 30.55 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.09
|
| Settlement date: | April 12 (for $600,000)
|
| Stock symbol: | OTCBB: TKER
|
| Stock price: | $0.28 at close April 12
|
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