Lime Energy Closes Sale of Over-Allotment Option Shares
October 05, 2009
ELK GROVE VILLAGE, Illinois–(October 5, 2009)–Lime Energy Co. (the “Company”) (NASDAQ: LIME), a provider of integrated energy engineering , consulting and implementation solutions, announced today the completion of the sale of 750,000 additional shares of its common stock pursuant to the exercise of the over-allotment option granted to the underwriters of its previously announced public offering. The sale of the additional shares resulted in net proceeds to the Company of approximately $3.88 million after deducting underwriting discounts, commissions and estimated offering expenses. This is in addition to the previously announced sale of 5 million shares which closed and funded on September 25th, generating net proceeds of approximately $25.45 million after underwriting discounts and commissions and estimated offering expenses. The Company expects to use approximately $3.2 million of the net proceeds from the offering to pay down most of its debt and use the remaining net proceeds for working capital and general corporate purposes and to support our need for performance bonds.
Wedbush Securities Inc. acted as the sole book-running lead manager of the offering and Canaccord Adams Inc. acted as co-manager.
A copy of the final prospectus related to the offering may be obtained from Wedbush Securities at 1-800-422-4309 or
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of these securities will be made only by means of the written prospectus forming part of the effective registration statement for the offering.
About Lime Energy Co.
Lime Energy is a provider of integrated energy engineering, consulting and implementation solutions specializing in improving the energy efficiency of our clients’ facilities, reducing their operating costs and carbon emissions. We focus on two specific markets: the commercial and industrial market, including utilities, and the public sector market, working primarily with energy service companies (“ESCOs”). Our clients include commercial and industrial businesses, property owners and managers, utilities, and ESCOs serving
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Contacts:
Investor Relations
Glen Akselrod
Bristol Capital Ltd.
(905) 326-1888
glen@bristolir.com
