Altenesol LNG Colombia Inks Contract with BYR and MVC

Altenesol LNG Colombia, a Colombian based subsidiary of Altenesol Colombia, has signed an Engagement Contract with BOLSA Y RENTA (BYR) investment banking and Mountainview Capital Corporation (MVC) of Canada .

BYR is one of the leading Colombian brokerages with more than US$2.5 billion in assets under management and in June 2012, BTG Pactual (BTGP), Brazil’s leading investment bank, announced the acquisition of BYR, which remains subject to regulatory approval. The BYR and MVC team will organize a syndicate of agents and will be completing all the required regulatory and due diligence items needed to complete the financing.

“We are excited about working with Altenesol to bring the LNG technology to Colombia. Together this will make a significant benefit for the Colombian people as an alternative green fuel which will be available to replace diesel and CNG, while we can present an interesting investing opportunity to some investors,” said Jorge A. Tabares, Vice President Investment Banking, BYR.

No changes to IAHL’s shareholders structure will occur to complete the financing as Colombian investors will own part of Altenesol LNG Colombia while Altenesol Colombia maintain majority control of the Company.

“We are aligning ourselves with financially-sound, experienced companies in the alternative energy sector who have the funding and experience to handle our growth. This step was crucial to solidify our balance sheets for a future up list,” said Nelson De La Nuez, President & CEO, IAHL Corporation.

The closing date of the financing is expected by fourth quarter 2012. Equity and Debt funds are expected to be held in an escrow account to be disbursed by achieving certain milestones during the LNG project ensuring transparency for everyone.

Next in the company’s path is converting the signed letters of intent to contracts with the LNG off-takers and gas supplier. Each off-taker has the financial strength to support the ten years take-or-pay contract. Completion of the FEED study is underway and will determine the LNG project (Nataly I) cost within +/-3% accuracy.

“This is a historic day for our company and shareholders. Our future growth will be accelerated by the solid foundation we are creating,” said Nelson De La Nuez.

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LNG World News Staff, July 29, 2012; Image: Altenesol