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Alter NRG Corp Announces Completion Of $11 Million Financing

Thursday, 31 Jan 2013 04:51pm EST 

Alter NRG Corp announced that it has closed its previously announced financing whereby 34,153,845 common shares were issued on a private placement basis, at a subscription price of $0.325 per common share, for gross proceeds of approximately $11 million. The four investors involved in the financing were Ervington Investments Limited (Ervington), Ms. Zara Shvidler, Eturab Trade Corp. (Eturab) and CCM Master Qualified Fund, Ltd. (CCM). Net proceeds of the financing will be used to fund market expansion opportunities for the Westinghouse Plasma Gasification solution. The common shares issued to Ervington, Ms. Shvidler and Eturab under this financing will be subject to a hold period of one year and the common shares issued to CCM will be subject to a statutory hold period of four months. Effective immediately, Joseph Schwager has resigned from the Board of Directors. The Company would like to thank Mr. Schwager for his valuable efforts during his term as a Director. 

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24 Dec 2014