Methes Energies International Ltd. announced that it has received $1.70 million in funding.
On February 19, 2013, Methes Energies International Ltd closed the transaction. The company issued 425,000 units at $4 per unit for gross proceeds of $1,700,000 to 29 accredited investors. Each unit consists of one common share and one redeemable class A warrant and one redeemable class B warrant. Each class A warrant and class B warrant is exercisable at $7.50 per share and $10 per share respectively until October 12, 2017. Net proceeds from the issuance are $1,500,000 after deducting offering expenses and placement agent fees. Paulson Investment Company, Inc acted as lead placement agent to the company and Finance 500 Inc also acted as a co-placement agent. The total sales commission was $204,000.