Tarpon Industries completes $6 million private placement of convertible note

By Sheri Kasprzak

New York, Dec. 15 - Tarpon Industries, Inc. said it has concluded a private placement of a three-year convertible note for $6 million.

The note was purchased by Laurus Master Fund, Ltd.

The note bears interest at Prime rate plus 200 basis points, subject to an 8% floor. The conversion price of the note could not be determined by press time Thursday.

Proceeds will be used for acquisitions and working capital.

Based in Marysville, Mich., Tarpon manufactures structural and mechanical steel tubing and engineered steel storage rack systems.

The company's stock gained 5 cents to close at $2.90 on Thursday.

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