TSX - NRG
OTCQX - ANRGF
CALGARY, June 6, 2012 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that a material condition precedent has been satisfied for the proposed sale of CleanEnergy Developments Corp. ("CleanEnergy"), a wholly owned subsidiary of Alter NRG, to Bellair Ventures Inc. ("Bellair") (the "Transaction"). Bellair has raised gross proceeds of $2,394,000 through the completion of a private placement of subscription receipts in CleanEnergy (the "Offering"). The subscription receipts will convert into capital of Bellair, upon closing of the Transaction.
Walter Howard, CEO of Alter NRG states that "the sale of CleanEnergy is an important milestone for Alter NRG as it reinforces the Company's singular focus on the Westinghouse Plasma Gasification technology. As well, this provides a potential further source of liquidity for the Company through the ownership of publicly traded shares of Bellair valued at $5,000,000."
The proceeds of the Offering will be used to fund the requisite working capital of Bellair going forward. Although the financing has been raised in subscription receipts of CleanEnergy, neither CleanEnergy nor Alter NRG will have access to the funds as they will either be released to Bellair on the conversion of the subscription receipts, or will be returned to subscribers if the Transaction is not completed.
Under the terms of the previously press released Transaction, a condition of closing was that CleanEnergy complete a private placement for a minimum of $1.0 million. The closing of the Offering was one of the material pre-conditions for CleanEnergy and Bellair to move forward with the Transaction. The Transaction remains subject to regulatory approvals, including the approval of the TSX Venture Exchange and other closing conditions.
ABOUT ALTER NRG
Alter NRG is pursuing 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 as a platform for renewable and clean energy solutions that convert a wide variety of feedstocks into a diverse and flexible range 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.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain "forward-looking information and statements" within the meaning of applicable securities laws. This forward-looking information relates to future events or Alter NRG's future performance. In particular, this news release contains forward-looking statements and information pertaining to: the expected completion of the Transaction, Bellair's "qualifying transaction" and the TSX Venture Exchange's approval of the same. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The outcome and timing of: the completion of the proposed Transaction and the conversion of the subscription receipts and the anticipated use of proceeds of the Offering could differ materially from those expressed in or implied by such forward-looking information and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that Alter NRG will derive from them. Alter NRG's forward-looking information is expressly qualified in its entirety by this cautionary statement. 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:
Walter Howard, Chief Executive Officer
(403) 806-3877 [email protected]
Daniel Hay, Chief Financial Officer
(403) 214-4235 [email protected]