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Gold/Mining/Energy : Alter NRG
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From: TheSlowLane1/31/2013 5:25:54 PM
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Alter NRG closes $11-million private placement

2013-01-31 17:01 ET - News Release

Mr. Walter Howard reports

ALTER NRG ANNOUNCES COMPLETION OF $11 MILLION FINANCING

Alter NRG Corp. has closed its previously announced financing whereby 34,153,845 common shares were issued on a private-placement basis at a subscription price of 32.5 cents per common share, for gross proceeds of approximately $11-million. The four investors involved in the financing were Ervington Investments Ltd., Zara Shvidler, Eturab Trade Corp. and CCM Master Qualified Fund Ltd.

Net proceeds of the financing will be used to finance market expansion opportunities for the Westinghouse plasma gasification solution.

The company has granted Ervington the right to nominate and have appointed two directors to the board of the company at closing of the financing and the right to nominate two directors so long as it continues to hold at least 10 per cent of the company's issued and outstanding common shares. Eugene Tenenbaum and Paul Heagren have been appointed to the company's board.

The common shares issued to Ervington, Ms. Shvidler and Eturab under this financing will be subject to a hold period of one year, and the common shares issued to CCM will be subject to a statutory hold period of four months.

Effective immediately, Joseph Schwager has resigned from the board of directors. The company would like to thank Mr. Schwager for his valuable efforts during his term as a director.

We seek Safe Harbor.
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