Alter NRG inches closer to CleanEnergy sale to Bellair
2012-06-07 00:52 ET - News Release
Mr. Walter Howard reports
ALTER NRG CORP. ANNOUNCES COMPLETION OF A CONDITION PRECEDENT FOR THE SALE OF CLEANENERGY DEVELOPMENTS
A material condition precedent has been satisfied for the proposed sale of CleanEnergy Developments Corp., a wholly owned subsidiary of Alter NRG Corp., to Bellair Ventures Inc. Bellair has raised gross proceeds of $2,394,000 through the completion of a private placement of subscription receipts in CleanEnergy. The subscription receipts will convert into capital of Bellair, upon closing of the transaction.
Walter Howard, chief executive officer of Alter NRG, states: "The sale of CleanEnergy is an important milestone for Alter NRG as it reinforces the company's singular focus on the Westinghouse plasma gasification technology. As well, this provides a potential further source of liquidity for the company through the ownership of publicly traded shares of Bellair valued at $5-million."
The proceeds of the offering will be used to finance the requisite working capital of Bellair going forward. Although the financing has been raised in subscription receipts of CleanEnergy, neither CleanEnergy nor Alter NRG will have access to the funds as they will either be released to Bellair on the conversion of the subscription receipts or be returned to subscribers if the transaction is not completed.
Under the terms of the previously press released transaction, a condition of closing was that CleanEnergy complete a private placement for a minimum of $1.0-million. The closing of the offering was one of the material preconditions for CleanEnergy and Bellair to move forward with the transaction. The transaction remains subject to regulatory approvals, including the approval of the TSX Venture Exchange and other closing conditions.
We seek Safe Harbor.
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