Alter NRG Corp. Announces Exercise of Over-Allotment Option and Closing of Bought Deal Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Alter NRG Corp. (the "Company" or "Alter NRG") (TSX VENTURE:NRG) is pleased to
announce that it has closed its previously announced bought deal financing of
10,454,545 common shares at an issue price of $4.40 per common share (including
the full exercise of the over-allotment option) for total gross proceeds of
approximately $46,000,000 through a syndicate of underwriters (the
"Underwriters"), led by Raymond James Ltd. and including Wellington West Capital
Markets Inc., Canaccord Capital Corporation, Paradigm Capital Inc., Blackmont
Capital Inc. and Genuity Capital Markets.


Net proceeds of the financing will be used for project development and general
working capital purposes. Potential projects include (but are not limited to)
Somerset Station Coal Retrofit, Bruderhiem IGCC development project, and the St.
Lucie Waste to Energy project.


The common shares issued under this financing will be subject to a hold period
expiring on August 4, 2008.


ABOUT ALTER NRG

Alter NRG is pursuing alternative energy solutions to meet the growing demand
for environmentally responsible energy in world markets. The Company's vision is
to become a North American leader in the development of environmentally
sustainable and economically viable gasification projects for the commercial
production of energy. The Company's objective for the next decade is to become a
senior energy producer of hydrogen, syngas, and transportation fuels such as
biodegradable sulfur-free diesel, ethanol, steam and electricity, all of which
are fundamental products for the world's growing energy needs.


This news release does not constitute an offer to sell securities, nor is it a
solicitation of an offer to buy securities, in any jurisdiction. All sales will
be made through registered securities dealers in jurisdictions where the
offering has been qualified for distribution. The securities offered are not,
and will not be, registered under the securities laws of the United States of
America, nor any state thereof and may not be sold in the United States of
America absent registration in the United States or the availability of an
exemption from such registration.


Advisory Respecting Forward-Looking Statements

This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may",
"will", "project", "should", "believe", "plans", "intends", "confident", "might"
and similar expressions are intended to identify forward-looking information or
statements. In particular, but without limiting the foregoing, this news release
contains forward-looking information and statements pertaining to expectations,
beliefs, plans, goals, objectives, assumptions, information and statements about
possible future events, conditions, results of operations or performance.
Various assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this news
release.


The forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon.
Forward-looking statements are based on current expectations, estimates and
projections that involve a number of risks and uncertainties, which could cause
actual results to differ materially from those anticipated and described in the
forward-looking statements, including the inability of the Company to complete
the proposed financing. Such information and statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
information or statements.


The Company cautions that the foregoing list of assumptions, risks and
uncertainties is not exhaustive. 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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