Methes Energies earns BQ-9000 status, closes public offering
Methes Energies International Ltd. announced this month that it has received BQ-9000 Producer and Marketer status from the National Biodiesel Accreditation Commission. BQ-9000 is a voluntary biodiesel quality assurance program. “We are very proud of this achievement,” said Nicholas Ng, president of Methes Energies. “There are not many companies that are both accredited as a producer and a marketer by the NBAC. Our team has done a great job over the past several months to place the company in this unique position. Both accreditations send a strong message to our clients that we take quality and processes very seriously.”
The firm also recently announced the closing of its underwritten public offering of 2.5 million registered shares of its common stock, par value $0.001 per share, at a price to the public of $2 per share. Methes has also granted the underwriter a 30-day option to purchase up to an additional 375,000 shares of common stock to cover over-allotments.
Methes Energies says it intends to use the net proceeds of the offering to perform the preparatory work necessary to increase the production capacity and for other improvements at its Sombra, Ontario-based biodiesel plant, and for working capital and general corporate purposes.