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Alter NRG Corp. Announces Completion of a Condition Precedent for the Sale of CleanEnergy Developments
TSX - NRG OTCQX - ANRGF CALGARY, June 6, 2012 /CNW/ - Alter NRG Corp. ("Alter NRG"...
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[{"type":"text","content":"\n\n\n\n\n\nTSX - NRG OTCQX - ANRGF\n\n\nCALGARY, June 6, 2012 /CNW/ - Alter NRG Corp. (\"Alter NRG\" or the\n \"Company\") is pleased to announce that a material condition precedent\n has been satisfied for the proposed sale of CleanEnergy Developments\n Corp. (\"CleanEnergy\"), a wholly owned subsidiary of Alter NRG, to\n Bellair Ventures Inc. (\"Bellair\") (the \"Transaction\").  Bellair has\n raised gross proceeds of $2,394,000 through the completion of a private\n placement of subscription receipts in CleanEnergy (the \"Offering\"). The\n subscription receipts will convert into capital of Bellair, upon\n closing of the Transaction.\n\n\nWalter Howard, CEO of Alter NRG states that \"the sale of CleanEnergy is\n an important milestone for Alter NRG as it reinforces the Company's\n singular focus on the Westinghouse Plasma Gasification technology.  As\n well, this provides a potential further source of liquidity for the\n Company through the ownership of publicly traded shares of Bellair\n valued at $5,000,000.\"\n\n\nThe proceeds of the Offering will be used to fund the requisite working\n capital of Bellair going forward. Although the financing has been\n raised in subscription receipts of CleanEnergy, neither CleanEnergy nor\n Alter NRG will have access to the funds as they will either be released\n to Bellair on the conversion of the subscription receipts, or will be\n returned to subscribers if the Transaction is not completed.\n\n\nUnder the terms of the previously press released Transaction, a\n condition of closing was that CleanEnergy complete a private placement\n for a minimum of $1.0 million. The closing of the Offering was one of\n the material pre-conditions for CleanEnergy and Bellair to move forward\n with the Transaction.  The Transaction remains subject to regulatory\n approvals, including the approval of the TSX Venture Exchange and other\n closing conditions.\n\n\nABOUT ALTER NRG\n\n\nAlter NRG is pursuing alternative energy solutions to meet the growing\n demand for environmentally responsible and economically viable energy\n in world markets. Alter NRG's primary objective is to further\n commercialize the Westinghouse Plasma Gasification Technology as a\n platform for renewable and clean energy solutions that convert a wide\n variety of feedstocks into a diverse and flexible range of energy...