Date: April 3, 2008
Source: Alter NRG Corp.
Alter NRG Corp. Announces Exercise of Over-Allotment Option and Closing of Bought Deal Financing
Alter NRG Corp. (the "Company" or "Alter NRG") is pleased to announce that it has closed its previously announced bought deal financing of 10,454,545 common shares at a issue price of $4.40 per common share (including the full exercise of the over-allotment option) for total gross proceeds of approximately $46,000,000 through a syndicate of underwriters (the "Underwriters"), led by Raymond James Ltd. a d including Wellington West Capital Markets Inc., Canaccord Capital Corporation, Paradigm Capital Inc., Blackmont Capital Inc. and Genuity Capital Markets.
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.
The common shares issued under this financing will be subject to a hold period expiring on August 4, 2008.
About Alter NRG
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 ext decade is to become a senior energy producer of hydrogen, syngas, a d 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.
For additional information please contact:
Mark Montemurro
President and Chief Executive Officer
(403) 806-3877
Mmontemurro@alter rg.ca
Daniel Hay
Chief Financial Officer
(403) 806-3881
Dhay@alter rg.ca
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 n t, and will n t be, registered under the securities laws f the United States of America, nor any state there of 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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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