Tripoint Global Equities assists in funding capital expenditures
By Devika Patel
Knoxville, Tenn., Oct. 25 - Methes Energies International Ltd. said it repriced its initial public offering of units to raise $2.8 million with a $420,000 greenshoe. The deal was announced June 22 and priced for $3.5 million with a $525,000 greenshoe on Oct. 5.
The company will now sell 560,000 units of one common share and two warrants at $5.00 per unit on a best-efforts basis. The whole warrants are exercisable at $7.50 and at $10.00 for five years.
Methes previously planned to sell 700,000 units at $5.00.
Paulson Investment Co., Inc. and Barrett & Co. are the managers.
Proceeds will be used to purchase additional production and storage equipment and upgrade rail tracks at the Sombra plant, for marketing and sales to expand the company's network and sell processors to network members, to pay demand notes and for working capital and general corporate purposes.
Methes is a renewable energy company based in Las Vegas. The company expects its stock to trade on the Nasdaq Capital Market under the symbol "MEIL."
| Issuer: | Methes Energies International Ltd.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $2.8 million
|
| Greenshoe: | $420,000
|
| Units: | 560,000
|
| Price: | $5.00
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $7.50, $10.00
|
| Managers: | Paulson Investment Co., Inc. and Barrett & Co.
|
| Announcement date: | June 22
|
| Pricing date: | Oct. 5
|
| Revised: | Oct. 25
|
| Stock symbol: | Nasdaq: MEIL
|
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