Alter NRG announces shareholder approval of private placement

TSX - NRG
OTCQX - ANRGF

CALGARY, Dec. 31, 2012 /CNW/ - (TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that at the special meeting (the "Meeting") of shareholders held on December 28, 2012, the Company's shareholders approved the private placement of 34,153,845 common shares of the Company to four investors at a price of $0.325 per common share for total gross proceeds of approximately $11 million (the "Financing"). In accordance with the requirements of the TSX, the resolution was supported by a majority of the votes cast by shareholders present in person or represented by proxy at the Meeting, excluding the votes attached to any common shares held by the investors participating in the private placement.

At the Meeting the shareholders also approved, by way of special resolution, the amendment to the Company's articles to increase the maximum number of directors from seven to nine. The special resolution required, and received, the support of over 66 2/3% of the votes cast by shareholders on the resolution present in person or represented by proxy at the Meeting.

Upon receiving final TSX approval, the Company expects to complete the Financing in January, 2013.

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.  In particular, this new release contains forward looking statements pertaining to the anticipated closing of the Financing and the satisfaction of the conditions precedent to closing the Financing.  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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, many of which are beyond the control of the Corporation. Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: not receiving TSX approvals or not receiving such approvals on the terms anticipated by the Company. 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.

For further information:

Walter Howard, Chief Executive Officer
(403) 806-3877           whoward@alternrg.ca

Daniel Hay, Chief Financial Officer
(403) 214-4235           dhay@alternrg.ca