Then borrow it in debt.
Doing a stock offering is the most expensive form of a capital raise and especially this one "general corporate and debt payment" is not accretive to earnings no matter how you spin it. The recently released documents paint a picture that the creditors want to end their relations ship by not extending the credit and rewording existing facilities to remove wording allowing for increases in the facilities in $1M increments.
The only logical non-dilutive use would be for ownership repurchase, but that could have been announced at the time of the raise. If that was the case the stock would no be where it is. PR would do miracles here. The SP is where it is, because investors want to believe that the company is stable, cash flow positive and these systematic dilution events are behind it.
IMO Kel, I think the sequence of events would be based on IRR on the investment. Unless their are significant costs associated with this last 9%, it should be acquire 100% ownership, invest in yield enhancing technology to increase stability of earnings (Corn oil is a <1.5 Yr payback), then look at empire building. You are right though on the price, the Keyes plant would sell for close to $2.5/gallon capacity.
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