Methes Energies International Ltd. (NASDAQ: MEILU), a renewable energy company that offers an array of products and services to a network of biodiesel fuel producers, today announced the closing of its initial public offering of 560,000 units at an initial public offering price of $5.00 per unit. Net proceeds from the offering were approximately $2.3 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.
Paulson Investment Company, Inc., wholly owned subsidiary of Paulson Capital Corp. (NASDAQ: PLCC), and Barrett & Company acted as managers of the underwriting.
The Methes units, each consisting of one share of common stock, one Class A redeemable common stock purchase warrant and one Class B redeemable common stock purchase warrant, are listed under the symbol “MEILU” and will trade on the NASDAQ Capital Market until November 26, 2012. Beginning on November 26, 2012, Methes Energies International’s common stock, Class A warrants and Class B warrants will trade separately under the symbols “MEIL,” “MEILW” and “MEILZ,” respectively. Once separate trading in the common stock and warrants commences, the units will cease trading and will be delisted.
A registration statement on Form S-1 relating to this offering was filed with and declared effective by the Securities and Exchange Commission. The offering was made only by means of a written prospectus forming part of the effective registration statement. Copies of the prospectus related to the offering may be obtained by calling the syndicate department of Paulson Investment Company, Inc., at 503-243-6010, or visiting the website at www.paulsoninvestment.com.This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. About Paulson Capital Corp. Paulson Capital Corp. is the parent company of Paulson Investment Company, Inc. Headquartered in Portland, Oregon, Paulson Investment Company, Inc. is a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chester “Chet” Paulson in 1970, it has managed or underwritten 170 securities offerings and has generated more than $1.2 billion for client companies.