VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 26, 2016) - Ross J. Beaty, of 1550 - 625 Howe Street, Vancouver, British Columbia, V6C 2T6, today announced that on October 26, 2016 he acquired ownership of 2,682,000 common shares (the "Common Shares") of Alterra Power Corp. ("Alterra"), a company with a head office at Suite 600, 888 Dunsmuir Street, Vancouver, British Columbia, V6C 3K4, at a purchase price of C$6.00 per Common Share for an aggregate purchase price of C$16,092,000. Mr. Beaty acquired ownership through a private placement transaction (the "Private Placement") previously announced by Alterra on October 5, 2016 and upsized on October 6, 2016. Alterra also completed on October 26, 2016 a separate bought deal short form prospectus offering (the "Brokered Offering") previously announced by Alterra on October 5, 2016 and upsized on October 6, 2016. Mr. Beaty did not participate in the Brokered Offering.
Prior to the acquisition, Mr. Beaty beneficially owned, directly or indirectly, or exercised control or direction over, 15,104,559 Common Shares. The 15,104,559 Common Shares represented approximately 32.18% of the total number of issued and outstanding Common Shares prior to the Private Placement and the Brokered Offering.
After the completion of the Private Placement, Mr. Beaty now beneficially owns, directly or indirectly, or exercises control or direction over, 17,786,559 Common Shares. The 17,786,559 Common Shares represent approximately 30.53% of the total number of issued and outstanding Common Shares resulting in a decrease by 1.65% to Mr. Beaty's Common Share holdings after the completion of the Private Placement and the Brokered Offering.
Mr. Beaty's acquisition was made for investment purposes. Mr. Beaty may, in the future, acquire ownership and control over additional securities of Alterra for investment purposes.