/NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
VANCOUVER, Oct. 26, 2016 /CNW/ - Alterra Power Corp. ("Alterra") is pleased to confirm the completion of its previously announced bought-deal offering (the "Bought Deal Financing") through a syndicate of underwriters led by National Bank Financial Inc. and Raymond James Ltd., and including Canaccord Genuity Corp., Cormark Securities Inc. and RBC Dominion Securities Inc. (collectively, the "Underwriters"). Under the Bought Deal Financing, Alterra issued 6,709,100 common shares in the capital of Alterra (the "Offered Shares") (including 875,100 Offered Shares issued upon the exercise in full of the over-allotment option granted to the Underwriters) at a price of $6.00 per Offered Share (all amounts in Canadian dollars) for gross proceeds of $40,254,600.
Alterra is also pleased to announce the completion of its previously announced non-brokered private placement of 4,613,363 common shares in the capital of Alterra at a price of $6.00 per share (the "Private Placement") for additional gross proceeds of $27,680,178. The aggregate gross proceeds of the Bought Deal Financing and the Private Placement (together, the "Financings") are $67,934,778.
As part of the Private Placement, Ross J. Beaty, Alterra's Executive Chairman and shareholder, purchased 2,682,000 common shares of Alterra. Following completion of the Financings, Mr. Beaty now beneficially owns, directly or indirectly, or exercises control or direction over, an aggregate of 17,786,559 common shares in the capital of Alterra, which represents approximately 30.53% of Alterra's issued and outstanding common shares.
The Offered Shares issued under the Bought Deal Financing were offered by way of a short form prospectus dated October 19, 2016 in all of the provinces and territories of Canada, other than Quebec, and were also offered outside of Canada on a private placement basis pursuant to exemptions from registration under applicable securities laws. The Offered Shares were not registered under the U.S. Securities Act of 1933, as amended, or applicable State securities laws, and were not offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Offered Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol AXY.
Cautionary Note regarding Forward-Looking Statements and Information
This press release contains "forward-looking statements", within the meaning of Canadian securities legislation, concerning the business, operations and financial performance and condition of Alterra. Forward-looking statements include, but are not limited to, statements with respect to the Financings, including the intended use of proceeds of the Financings. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "plans", or similar terminology. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Alterra to be materially different from those expressed or implied by such forward-looking statements. Material risk factors and assumptions include those related to: the need for future financing, future sales may cause dilution, discretion over the use of proceeds, dividends, unpredictability and volatility of share prices, development project risk, power production shortfalls, forward-looking statements and FOFI may prove inaccurate, foreign exchange as well as those set out in Alterra's Annual Information Form for the year ended December 31, 2015.
Although Alterra has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Alterra does not undertake any obligation to update any forward looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
SOURCE Alterra Power Corp.
For further information: Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: info[email protected]