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


    TSXV - NRG

    CALGARY, Nov. 12 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter Nrg")
is pleased to announce that it has entered into a subscription agreement with
Coghill Capital Management, LLC., investing on behalf of its clients
("Coghill"), in respect of the issuance, on a private placement basis, of
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 will be approximately $10 million (up
to approximately $15 million, if Coghill exercises the entirety of its
Warrants), and will be used to fund ongoing project development, and working
    Upon completion of the private placement, it is anticipated that
43,398,030 Common Shares and 2,202,643 Warrants will be issued and
outstanding. Coghill is at arm's length to the Company and currently holds
none of the Company's issued and outstanding securities. Upon completion of
the private placement, Coghill will hold 4,405,286 Common Shares and all
2,202,643 Warrants (approximately 10.2% of the issued and outstanding Common
Shares on a non-diluted basis, and approximately 13.6% of the issued and
outstanding Common Shares on a diluted basis).
    Closing of this proposed financing is anticipated to occur on or about
November 16, 2007 and will be conditional upon, among other things, the
receipt of all necessary regulatory approvals (including from the TSX Venture
Exchange). The Common Shares and Warrants issued pursuant to this private
placement will be subject to a four month statutory hold period.


    Coghill is a Chicago-based investment firm, registered with the U.S.
Securities and Exchange Commission, that specializes in small cap value equity
management. Coghill conducts fundamental investment research, has a long-term
investment horizon, and is a value add shareholder. Coghill seeks to invest
with a long-term horizon and to provide companies with the capital and time
they need to realize their fair value. Coghill has generally participated in
multiple financings with these companies as they have grown.


    Alter Nrg is pursuing alternative energy solutions to meet the growing
demand for environmentally responsible energy in world markets. The Company's
vision is to become a North American leader in the development of innovative
gasification projects for the commercial production of energy. The Company's
objective for the next decade is to become a senior energy producer of
hydrogen, syngas, and transportation fuels such as biodegradable sulfur-free
diesel, ethanol, steam and electricity, all of which are fundamental products
for the world's growing energy needs.

    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 successful completion of the
private placement, including the Company's ability to obtain all necessary
approvals from applicable securities regulatory authorities, including the TSX
Venture Exchange; (ii) the potential exercise of the Warrants by Coghill; and
(iii) 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,; Daniel Hay, Chief Financial
Officer, (403) 806-3881,; Investor Relations, (403) 806-3875,

Organization Profile

Alter NRG Corp.

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