Methes Energies raises $1.25 million in direct stock offering

By Ron Kotrba | July 09, 2015

Methes Energies International Ltd. announced July 6 that it has closed on a $1.25 million registered direct placement of common stock with a small group of institutional investors. Chardan Capital Markets LLC acted as the sole placement agent for the transaction. On June 30, the company announced the common stock offering for the placement was $0.5435 per share. The company also said it will issue to the investors warrants to purchase an aggregate of 1,781,292 shares of common stock with an exercise price of $0.882 per share, exercisable beginning six months following their issuance and expiring five-and-a-half years from closing.

“The additional capital will allow us to get into production of epoxidized soybean oil and natural polyol, each of which can generate meaningful sales and substantial gross profit margins,” said Michel G. Laporte, Methes chairman and CEO. “[These] can be produced at our Sombra plant with our existing assets. We’ve been working, over the past few weeks, with potential clients and partners for both products so it was important that we have sufficient capital to meet their needs and be ready for what we believe is a great future. In light of all that is going on, I am 100 percent confident that we have made the right decision in raising funds at this time and are now heading in the right direction.”

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