Methes Energies Closes $1.7 Million Private Placement; Shares Dive 21% Near 52-Week Low


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Methes Energies International Ltd. ( MEIL ) has completed a $1.7 million private placement pursuant to Regulation D of the Securities Act of 1933, as amended.

As part of the offering, MEIL sold 425,000 units to accredited investors at a purchase price of $4 per unit, each unit consisting of one share of common stock, one redeemable Class A warrant and one redeemable Class B warrant. Each warrant is exercisable to purchase one share of common stock at $7.50 and $10, respectively, and expires October 12, 2017. Net proceeds from the offering were approximately $1.5 million, after deducting offering expenses and placement agent fees.

MEIL is down 20.75% to $4.30, near the low end of a 52-week range of $3.25 - $8.19.

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This article appears in: Investing , Commodities

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