TSX - NRG
OTCQX - ANRGF
CALGARY, Jan. 31, 2013 /CNW/ - (TSX:NRG.TO - News) (OTCQX:ANRGF - News) Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that it has closed its previously announced financing whereby 34,153,845 common shares were issued on a private placement basis, at a subscription price of $0.325 per common share, for gross proceeds of approximately $11 million. The four investors involved in the financing were Ervington Investments Limited ("Ervington"), Ms. Zara Shvidler, Eturab Trade Corp. ("Eturab") and CCM Master Qualified Fund, Ltd. ("CCM").
Net proceeds of the financing will be used to fund 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% of the Company's issued and outstanding common shares. Mr. Eugene Tenenbaum and Mr. 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.
ABOUT ALTER NRG
Alter NRG provides alternative energy solutions to meet the growing demand for environmentally responsible and economically viable energy in world markets. Alter NRG's primary objective is to further commercialize the Westinghouse Plasma Gasification Technology, through its wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and provide a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, and syngas.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Advisory Respecting Forward-Looking Statements:
This news release contains certain "forward-looking information and statements" within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements reflect management's current beliefs and assumptions, based on information currently available to management. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.
The Corporation cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
SOURCE: Alter NRG Corp.