Methes Energies International prices its initial public offering
Methes Energies International Ltd., a renewable energy company that offers an array of products and services to a network of biodiesel fuel producers, announced the pricing of its initial public offering of 560,000 units at $5 per unit. Each unit consists of one share of common stock, one Class A redeemable common stock purchase warrant and one Class B redeemable common stock purchase warrant. The units will trade on the NASDAQ Capital Market under the symbol "MEILU" until Nov. 26. Beginning on Nov. 26, the common stock and the warrants included in the units will trade separately. Once separate trading in the common stock and warrants commences, the units will cease trading and will be delisted.
Methes Energies International's common stock, Class A warrants and Class B warrants will trade under the symbols "MEIL," "MEILW" and "MEILZ," respectively.
The company intends to use the net proceeds of the offering for the purchase of production and storage equipment and upgrade of rail tracks at its Sombra facility, for marketing and sales expenses and working capital required for general corporate purposes.
Paulson Investment Company Inc., wholly owned subsidiary of Paulson Capital Corp., and Barrett & Company acted as managers of the underwriting. Paulson has also been granted a 45-day option to purchase up to an additional 84,000 units to cover overallotments.
Copies of the prospectus related to the offering may be obtained by calling the syndicate department of Paulson Investment Company or visiting the website at www.paulsoninvestment.com.
Paulson Capital Corp. is the parent company of Paulson Investment Company Inc. Headquartered in Portland, Ore., Paulson Investment Company Inc. is a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chester "Chet" Paulson in 1970, it has managed or underwritten 170 securities offerings and has generated more than $1.2 billion for client companies.
Methes Energies International Ltd. is a renewable energy company that offers a variety of products and services to biodiesel fuel producers. Methes also offers biodiesel processors that are unique, truly compact, fully automated state-of-the-art and continuous flow that can run on a wide variety of feedstocks. Methes markets and sells biodiesel fuel produced at its showcase production facility in Mississauga, Ontario, Canada, and at its recently commissioned 13 MMgy facility in Sombra, Ontario, to customers in the U.S. and Canada, as well as providing multiple biodiesel fuel solutions to its clientele. Among its services are selling commodities to its network of biodiesel producers, selling their biodiesel production and providing clients with proprietary software to operate and control their processors. Methes also remotely monitors the quality and characteristics of its clients' production, upgrades and repairs their processors and advises clients on adjusting their processes to use varying feedstock to improve the quality of their biodiesel.