Midwest Energy Emissions Corp. Announces $13.5 Million Private Placement of Common Stock
LEWIS CENTER, OH--(Marketwired - November 15, 2016) - Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C" or the "Company"), a leader in mercury emissions control for the North American power industry, today announced that it has entered into definitive purchase agreements for the sale of approximately $13.5 million in shares of its common stock in a private placement transaction with certain institutional and accredited investors.
Pursuant to the terms of the purchase agreements, ME2C has agreed to sell an aggregate of approximately 11.2 million shares of common stock at a price of $1.20 per share. This financing will generate aggregate gross proceeds at closing of approximately $13.5 million, before deducting placement agent fees and estimated offering expenses. The private placement is anticipated to close on or about November 18, 2016, subject to the satisfaction of customary closing conditions.
A select group of qualified institutional buyers, institutional accredited investors and other accredited investors participated in the private placement. ME2C expects to use the net proceeds from the private placement for the purchase of intellectual property, debt repayment, working capital and general corporate purposes.
Oppenheimer & Co. Inc. is acting as lead placement agent. Feltl and Company is acting as co-placement agent.
The shares of common stock of ME2C sold in the private placement have not been registered under the Securities Act of 1933, as amended, and as such the shares may not be offered or sold in the United States absent registration under such act and applicable state securities laws or an applicable exemption from those registration requirements.
