Alter NRG Corp. announces $40,000,000 bought deal financing
newswire.ca
TSXV - NRG
CALGARY, March 12 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter 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.
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 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.
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