Thx for your reply and the headsup re a worthwhile (on occasion) poster here. I have so many on Ignore it's a very quiet board :-) Only been following and buying for about 4 months - I like the technology and esp the green space. I think it's a keeper.
This supports your thinking above: (pg 18 follows)
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the units by us in the offering (assuming no exercise of the Class H warrants or the underwriters’ over-allotment option), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, will be $14.2 million, at a public offering price of $1.06 per unit.
We anticipate that we will use the net proceeds of this offering for:
• the further development and execution of our sales, marketing and distribution plan;
• further expansion at our Gonzales facility;
• continued development of our smaller capacity operating unit line of business (including patent and intellectual property development);
• potential investment and development in new facilities, additional alliances and acquisitions;
• continued development of our licensing program; and
• to repay the six-month note we issued in September 2009 in principal amount of $1,540,000, which was issued at an original issue discount of 10%, or the September 2009 Note. The funds from the September 2009 Note are being utilized for working capital.
Other than the repayment of the September 2009 Note, we have no definitive agreements or commitments with respect to any of the above activities. Our management may decide to change the use of the net proceeds from this offering if opportunities or needs arise. Such opportunities and needs could include payment of certain contractual obligations, the need to make increased capital or operating expenditures if we change our business plan, or payment of an unexpected liability. The actual use of the proceeds may vary significantly and will depend on a number of factors, including our future revenue and cash generated by operations and the other factors described in the section entitled “Risk Factors” appearing elsewhere in this prospectus. Accordingly, our management will have broad discretion in applying the net proceeds of this offering.