Gevo Inc., the US-based biofuels company, has announced plans to raise US$10 million from the sale of shares and warrants.
Gevo said it intends to use the proceeds from the offering to fund working capital, including capital expenditures at its Minnesota plant, and for other general corporate purposes. Gevo had previously revealed plans to increase isobutanol production at the facility by up to 10 times over previously expected levels, at a cost of US$5 million for capital improvements on the Minnesota facility.
Oppenheimer & Co. Inc. is acting as sole book-running manager. Northland Capital Markets and Rodman & Renshaw, a unit of H.C. Wainwright & Co., are acting as co-managers.