Alter Nrg Corp.

Alter Nrg Corp.

March 12, 2008 08:06 ET

Alter Nrg Corp. Announces $40,000,000 Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - March 12, 2008) -


Alter Nrg Corp. (the "Company" or "Alter Nrg") (TSX VENTURE:NRG) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the "Underwriters"), led by Raymond James Ltd. and including Wellington West Capital Markets Inc., Canaccord Adams, Paradigm Capital Inc., Blackmont Capital Inc. and Genuity Capital Markets, in connection with a "bought deal" private placement common share financing of 9,090,909 common shares at a price of $4.40 per common share for aggregate gross proceeds of approximately $40,000,000, with an over-allotment option in favour of the Underwriters to purchase up to an additional 1,363,636 common shares at a price of $4.40 per common share for a period of 30 days following closing, for further gross proceeds of approximately $6,000,000, which would increase the offering to approximately $46,000,000, if fully exercised. Net proceeds of the financing will be used for project development and general working capital purposes. Potential projects include (but are not limited to) Somerset Station Coal Retrofit, Bruderhiem IGCC development project, and the St. Lucie Waste to Energy project.

Closing of this proposed financing is anticipated to occur on or about April 3, 2008 and will be conditional upon, among other things, the receipt of all necessary regulatory approvals (including from the TSX Venture Exchange). The common shares issued under the offering shall be subject to a four-month hold period from the closing date in all offering jurisdictions.


Alter Nrg is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to become a North American leader in the development of environmentally sustainable and economically viable gasification projects for the commercial production of energy. The Company's objective for the next decade is to become a senior energy producer of hydrogen, syngas, and transportation fuels such as biodegradable sulfur-free diesel, ethanol, steam and electricity, all of which are fundamental products for the world's growing energy needs.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

Advisory Respecting Forward-Looking Statements

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements, including the inability of the Company to complete the proposed financing. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Alter Nrg Corp.
    Mark Montemurro
    President and Chief Executive Officer
    (403) 806-3877
    Alter Nrg Corp.
    Daniel Hay
    Chief Financial Officer
    (403) 806-3881