Alter Nrg Corp. announces completion of $10,000,000 private placement financing



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    TSXV - NRG

    CALGARY, Nov. 16 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter Nrg")
is pleased to announce that, further to its press release of November 12,
2007, it has closed its financing with Coghill Capital Management, LLC.,
investing on behalf of its clients, ("Coghill"). Coghill was issued, on a
private placement basis, 4,405,286 units in the capital of the Company (the
"Units") at a subscription price of $2.27 per Unit. Each Unit consists of one
common share in the capital of the Company (a "Common Share") and one half of
one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle
Coghill to purchase one Common Share at a price of $2.27 per share until
December 3, 2007. Gross proceeds from the issuance of the Units was
approximately $10 million (and may be up to approximately $15 million, if
Coghill exercises the entirety of its Warrants), and will be used to fund
ongoing project development, and working capital. The Common Shares and
Warrants issued pursuant to this private placement will be subject to a four
month statutory hold period.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the Units in any jurisdiction. The Units
offered will not be and have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States or to a U.S. person, absent registration, or an applicable
exemption therefrom.

    The TSX Venture 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, but without limiting
the foregoing, this news release contains forward-looking information and
statements pertaining to the following: (i) the potential exercise of the
Warrants by Coghill; and (ii) other expectations, beliefs, plans, goals,
objectives, assumptions, information and statements about possible future
events, conditions, results of operations or performance. 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 are based on current expectations,
estimates and projections that involve a number of risks and uncertainties,
which could cause actual results to differ materially from those anticipated
and described in the forward-looking statements. 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 Company 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 Company 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.





For further information:

For further information: Mark Montemurro, President and Chief Executive
Officer, (403) 806-3877, Mmontemurro@alternrg.ca; Daniel Hay, Chief Financial
Officer, (403) 806-3881, Dhay@alternrg.ca; Investor Relations, (403) 806-3875,
info@alternrg.ca

Organization Profile

Alter NRG Corp.

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