Ensask Biofuels Ltd. has sold $5 million of first preferred shares, advancing its plan to build an ethanol plant in Tisdale, Sask., that would produce 90 million litres per year.
The seed capital share sale exceeded the minimum for a successful subscription drive, which was $4 million by Jan. 31.
Farmers bought about 64 percent of the shares with the rest purchased by individuals and small businesses, the company said in a news release.
“Ensask will be selecting our engineering team shortly to complete the detailed design necessary to build the ethanol plant,” said president Jim Boxall.
The plant would be built at the existing site of Tisdale Alfalfa Dehy Ltd. and is expected to generate 40 jobs.
