Show Me Ethanol completes $6.9 million financing, will complete Missouri ethanol plant

In Missouri, Show Me Ethanol has completed raising an additional $6.9 million from private investors and debt, and will use the proceeds to complete its 55 Mgy corn ethanol plant in Carrolton. The new investors will receive 9 percent of the equity for their investment and their investment will be securitized with a lien on the facilities.

The plant will produce 176,000 tons of dried distillers grains for livestock feed, and will employ 35 people on its 33 acre site.

The plant ran into difficulties when it was revealed that state Rep. John Quinn, the brother of state Governor Matt Blunt, and the wife of U.S. Rep. Sam Graves are Show Me Ethanol investors. State rules prohibit legislators or their immediate family from becoming investors in plants that receive favorable state tax treatment, and the plant lost $6 million in state incentives because of the ties to lawmakers.

Show Me Ethanol had been seeking $5.1 million to complete construction of its 55 Mgy corn ethanol plant in Carollton. The company prepared a shareholders rights offering for the remaining equity raise. Total plant construction costs are projected at $82 million.

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