Published on 10/2/2008 in the Prospect News PIPE Daily.
New Issue: Tasker takes in $1.91 million from discounted notes sale
By Devika Patel
Knoxville, Tenn., Oct. 2 - Tasker Products Corp. raised $1.91 million in a private placement of promissory notes on Sept. 27, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The $2.39 million in notes were sold at a 20% discount. They bear interest at 12% and are due on Nov. 26, 2008.
The investors also received warrants for 31,820,600 common shares. The warrants are exercisable at $0.06 for five years.
Tasker is a chemical company based in Danbury, Conn.
| Issuer: | Tasker Products Corp.
|
| Issue: | Promissory notes
|
| Amount: | $2,387,500
|
| Maturity: | Nov. 26, 2008
|
| Coupon: | 12%
|
| Price: | 80
|
| Yield: | 12%
|
| Warrants: | For 31,820,600 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.06
|
| Settlement date: | Sept. 27
|
| Stock symbol: | OTCBB: TKER
|
| Stock price: | $0.02 at close Sept. 26
|
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