Methes Energies completes $2.1 million private placement
Methes Energies International Ltd. completed a $2.1 million private placement on Dec. 26, pursuant to Regulation D of the Securities Act of 1933, as amended. In the offering, Methes sold 1.1 million units to select institutional and accredited investors, each unit consisting of one share of common stock and one warrant. Each warrant is exercisable to purchase one share of common stock at $4.00 and expires five years from the date of issuance. Net proceeds from the offering were approximately $1.7 million, after deducting offering expenses and placement agent fees.
ViewTrade Securities acted as lead placement agent and Newbridge Securities Inc. acted as co-placement agents.
Michel G. Laporte, chairman and CEO of Methes Energies International, said, “We are pleased to have finalized this private placement with ViewTrade. Our relationship with ViewTrade began when they acted as co-underwriters in our IPO and have been a good team to work with. This financing allows us to expand our production at Sombra by adding some equipment that will help us save money and be more efficient as well as strengthen our balance sheet. We are now in a better position to execute our plan, which is to go to maximum production at Sombra by the end of the first quarter.”