By Sheri Kasprzak
New York, Dec. 28 - Tasker Products Corp. concluded a $1.671 million portion of a proposed $4.4 million bridge financing comprised of secured convertible notes.
The 10% notes are due June 30, 2007 and are convertible into a total of 23,048,276 common shares at $0.0725 each.
The investors also received warrants for 9,238,334 shares, exercisable at $0.09 each for four years.
The offering is ongoing.
Proceeds will be used for working capital and general corporate purposes.
The company also intends to exchange a note in principal of $76,196 and a warrant for payments totaling $76,196 due on a note issued to Indian River Labs, LLC. The note will be convertible into 1,050,979 shares at $0.0725 each and the warrants for 423,311 shares will be exercisable at $0.09 each for four years.
Based in Danbury, Conn., Tasker makes hygienic products used to process seafood and agricultural products.
| Issuer: | Tasker Products Corp.
|
| Issue: | Secured convertible notes
|
| Amount: | $1.671 million
|
| Maturity: | June 30, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.0725
|
| Conversion ratio: | Into 23,048,276 common shares
|
| Warrants: | For 9,238,334 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.09
|
| Settlement date: | Dec. 22
|
| Stock symbol: | OTCBB: TKER
|
| Stock price: | $0.14 at close Dec. 22
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
