Alter NRG Corp. announces $40,000,000 bought deal financing


    TSXV - NRG

    CALGARY, March 12 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter Nrg")
is pleased to announce that it has entered into an agreement with a syndicate
of underwriters (the "Underwriters"), led by Raymond James Ltd. and including
Wellington West Capital Markets Inc., Canaccord Adams, Paradigm Capital Inc.,
Blackmont Capital Inc. and Genuity Capital Markets, in connection with a
"bought deal" private placement common share financing of 9,090,909 common
shares at a price of $4.40 per common share for aggregate gross proceeds of
approximately $40,000,000, with an over-allotment option in favour of the
Underwriters to purchase up to an additional 1,363,636 common shares at a
price of $4.40 per common share for a period of 30 days following closing, for
further gross proceeds of approximately $6,000,000, which would increase the
offering to approximately $46,000,000, if fully exercised. Net proceeds of the
financing will be used for project development and general working capital
purposes. Potential projects include (but are not limited to) Somerset Station
Coal Retrofit, Bruderhiem IGCC development project, and the St. Lucie Waste to
Energy project.
    Closing of this proposed financing is anticipated to occur on or about
April 3, 2008 and will be conditional upon, among other things, the receipt of
all necessary regulatory approvals (including from the TSX Venture Exchange).
The common shares issued under the offering shall be subject to a four-month
hold period from the closing date in all offering jurisdictions.


    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
environmentally sustainable and economically viable 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 does not constitute an offer to sell securities, nor is
it a solicitation of an offer to buy securities, in any jurisdiction. All
sales will be made through registered securities dealers in jurisdictions
where the offering has been qualified for distribution. The securities offered
are not, and will not be, registered under the securities laws of the United
States of America, nor any state thereof and may not be sold in the United
States of America absent registration in the United States or the availability
of an exemption from such registration.

    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this news 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 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, including the inability of
the Company to complete the proposed financing. 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,

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Alter NRG Corp.

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