09:41 AM EST - Alter NRG Corp. : announced the execution of a binding offer and sale agreement for the acquisition of 100% of the shares of Clean Energy Developments Corp., a private company providing geoexchange services in the Canadian commercial, industrial and residential markets. The acquisition price of $18.4 million is to be satisfied with $7.81 million cash and 5.3 million common shares of Alter NRG at a deemed price of $2.00 per share. In accordance with the terms of the Offer and Sale Agreement, 801,494 shares of Alter NRG to be issued to the officers of CleanEnergy will be held back and released in equal increments on the first, second and third anniversary dates of the closing. The Alter NRG shares being issued will have a contractual four month hold period for all shareholders. Officers of CleanEnergy will have 25% of their share consideration released after four months, and an additional 25% released in equal proportions at six-, 12- and 18-month increments after the closing date. The shares are forfeited if the officers resign from CleanEnergy during the holdback period. Alter NRG Corp.
shares T.NRG are trading even at $2.03.
