Oct 26, 2012 - US biodiesel-focused services provider Methes Energies International Ltd (NASDAQ:MEILU) said it would sell 560,000 units at a price of USD 5 (EUR 3.86) apiece in an initial public offering (IPO).
Proceeds would be used for the purchase of production and storage equipment and an upgrade of rail tracks at the firm's Sombra facility. Methes will also use part of the proceeds for marketing and sales purposes and to strengthen its working capital.
Each of the units to be offered is made of one common share, one Class A redeemable common stock purchase warrant and one Class B redeemable common stock purchase warrant. Until November 26, 2012, the units will trade on the NASDAQ Capital Market under the symbol "MEILU". After that date, the common shares and the warrants will start trading separately and the units will be delisted.
The new symbols after November 26 will be "MEIL," "MEILW" and "MEILZ" for the common stock, Class A warrants and Class B warrants, respectively.