CORRECTION: Alter NRG Corp. Announces Completion Of The Condition Precedent For The Sale Of Clean Energy Developments
February 22 2013 - 3:54PM
OTC Markets
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Alter nrg corp. announces completion of
the condition precedent for THE sale of CLEANENERGY
DEVELOPMENTS
Calgary,
Alberta – June 6, 2012
- Alter NRG Corp. ("Alter
NRG" or the "Company") is pleased to announce that the condition
precedent for the closing of the sale of CleanEnergy Developments
Corp. ("CleanEnergy") to Bellair Ventures Inc. ("Bellair") (the
"Transaction") has been met. Today CleanEnergy, through
Bellair Ventures Inc., issued XX subscription receipts for gross
proceeds of $XX.
Immediately prior to the closing of the Transaction, each
subscription receipt will be exercisable by the holder, without
payment of additional consideration, into one unit of the
CleanEnergy, each unit consists of one common share of CleanEnergy,
which will be exchanged for common shares of Bellair on a
one-for-one basis and one common share purchase
warrant. Each purchase
warrant will entitle the holder to purchase one common share of
Bellair at a price of $0.75 for a period of 24 months following the
closing date.
Under the
terms of the offer and sale agreement (the "Agreement"), a
condition of closing of the sale of CleanEnergy was that
CleanEnergy complete a private placement for a minimum of $1
million and up to $2 million in subscription receipts of
CleanEnergy at an issue price of $0.50 per subscription receipt to
provide Bellair with working capital.
As the
condition precedent has now been met, the transaction is expected
to be completed before June 30, 2012.
Walter
Howard, CEO of Alter NRG " xxxx."
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.
For
additional information please contact:
Walter
Howard, Chief Executive Officer
(403)
806-3877
whoward@alternrg.ca
Daniel
Hay, Chief Financial Officer
(403)
214-4235
dhay@alternrg.ca
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 TSXV'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 proposed Transaction and
financing 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.
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