Alternate Energy closes $1.5 million private placement of note

By Sheri Kasprzak

Atlanta, March 4 - Alternate Energy Corp. said it has closed a private placement for $1.5 million.

The company sold a convertible note to five accredited investors.

The investors also received warrants for 1,762,570 shares at $0.40 each.

Additional details on the offering could not be obtained by press time Friday.

Based in Burlington, Ont., Alternate Energy provides hydrogen fuel systems that have mass-deployment economics and provides small-scale, on-demand distributed generation of electricity.

The proceeds from the offering will be used for the pre-commercial stage of operations, development of alpha-stage units for initial customer prospects and to support the company's patent initiatives.

On Friday, the company's stock closed up $0.03 at $0.43.

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