HAMILTON, ON, Feb. 19 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield", TSX-V: AIR), an international leader in Vertical Axis Wind Turbine (VAWT) technology solutions, announced today that, subject to TSX Venture Exchange ("Exchange") approval, it will issue 60,938 common shares at $0.32 per share to satisfy certain debt owing to two arm's length creditors as a result of previously signed "shares for services" agreements.
In addition, Cleanfield will also issue 273,669 common shares at $0.32 per share to satisfy certain debt owing to three non-arm's length creditors and 37,687 common shares at $0.32 per share to satisfy certain debt owing to an arm's length creditor. The common shares will be issued when the Exchange's approval is received.
All common shares issued will be subject to a four-month Exchange hold period when issued.
About Cleanfield Alternative Energy Inc.: Cleanfield is committed to developing renewable energy products primarily for the urban environment. The Company produces an industry leading VAWT, which can be installed in various ways, produces green renewable energy quietly and cost effectively and is sold worldwide. Cleanfield also provides purchase financing to qualified customers, and is developing solar photovoltaic products for commercialization.
Forward Looking Statements: Certain statements in this news release may be considered to be forward-looking. These statements relate to future events or Cleanfield's future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operations described herein. Cleanfield undertakes no obligation, and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.