By Sheri Kasprzak
New York, June 1 - Alternative Energy Sources, Inc. will conduct a private placement for up to $10 million and at least $5 million as part of its merger with Beemer Energy, Inc.
The offering includes up to 10 million and at least 5 million units of one share and one warrant.
The warrants allow for the purchase of another share at $2.00 each for five years.
Under the terms of the merger, Alternative will acquire all of the outstanding shares of Beemer and Beemer will become a subsidiary of Alternative.
Holders of Beemer's stock will receive 20.9 million shares of Alternative.
The proceeds from the placement will be used to pay for the acquisition.
Based in Vancouver, B.C., Alternative develops alternative sources of energy.
| Issuer: | Alternative Energy Sources, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $10 million (maximum); $5 million (minimum)
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| Units: | 10 million (maximum); 5 million (minimum)
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| Price: | $1.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Pricing date: | June 1
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| Stock symbol: | OTCBB: AENS
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