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Alterra Power selling C$50M worth of shares to fund wind development

Alterra PowerCorp. is selling 4,167,000 common shares at C$6 apiece foraggregate gross proceeds of about C$25 million.

Alterra Power will sell the shares on a bought-deal basis toa syndicate of underwriters, co-led by National Bank Financial Inc. and RaymondJames Ltd., according to a company statement. The underwriters also have a30-day option to purchase an additional 625,050 shares.

If the overallotment option is exercised in full, theaggregate gross proceeds for the offering will be about C$28.8 million.

Alterra Power also is conducting a nonbrokered privateplacement of 4,167,000 shares for aggregate gross proceeds of C$25 million.Alterra Executive Chairman and shareholder Ross Beaty committed to purchase upto 2,682,000 shares for gross proceeds to Alterra of up to C$16.1 million.

The transactions are scheduled to close by Oct. 26, subjectto certain conditions.

The company plans to use the net proceeds to fundpre-construction and development activities for more than 850 MW of early-stagewind projects, including the Flat Top project, to repay outstanding amounts under itsrevolving credit facility and for general corporate purposes.