Deal sells 1,081,160 units of one share and one warrant at $2.00 each
By Devika Patel
Knoxville, Tenn., Dec. 26 - Methes Energies International Ltd. completed a $1.05 million tranche of a $2.16 million private placement of units on Dec. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company is selling 1,081,160 units of one common share and one warrant at $4.00 per unit. Each five-year warrant is exercisable at $4.00, which represents a 19.76% premium to the Dec. 19 closing share price of $3.34.
The company sold 522,500 units in the first tranche.
Methes is a renewable energy company based in Las Vegas.
Issuer: | Methes Energies International Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | $2,162,320
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Shares: | 1,081,160
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Price: | $2.00
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Warrants: | One warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $4.00
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Settlement date: | Dec. 20 (for $1,045,000)
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Stock symbol: | Nasdaq: MEIL
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Stock price: | $3.34 at close Dec. 19
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Market capitalization: | $23.89 million
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