/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN

THE UNITED STATES/

TSXV - NRG

CALGARY, Nov. 16 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter Nrg") is pleased to announce that, further to its press release of November 12, 2007, it has closed its financing with Coghill Capital Management, LLC., investing on behalf of its clients, ("Coghill"). Coghill was issued, on a private placement basis, 4,405,286 units in the capital of the Company (the "Units") at a subscription price of $2.27 per Unit. Each Unit consists of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle Coghill to purchase one Common Share at a price of $2.27 per share until December 3, 2007. Gross proceeds from the issuance of the Units was approximately $10 million (and may be up to approximately $15 million, if Coghill exercises the entirety of its Warrants), and will be used to fund ongoing project development, and working capital. The Common Shares and Warrants issued pursuant to this private placement will be subject to a four month statutory hold period.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Units in any jurisdiction. The Units offered will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person, absent registration, or an applicable exemption therefrom.

The TSX Venture Exchange does not accept responsibility for the adequacy

or accuracy of this release.

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 the following: (i) the potential exercise of the Warrants by Coghill; and (ii) other 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. 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.