New Issue: Tarpon secures $1.85 million from stock offering, loan conversion

By Sheri Kasprzak

New York, March 23 - Tarpon Industries, Inc. raised $1.85 million from a private placement of stock and from the conversion of an existing bridge loan.

The full terms of the offering were unavailable Friday.

Also, LaSalle Bank, the company's existing senior lender, agreed to extend the company's borrowing relationship until August 2010.

Tarpon, based in Marysville, Mich., manufactures structural and mechanical steel tubing and engineering steel storage rack systems.

On Friday, the company's stock fell 8 cents to end at $0.86 (Amex: TPO).

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