TORONTO, Dec. 23, 2011 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX VENTURE: AIR) a leader in innovative sustainable energy technologies and building-integrated solutions, announces that, subject to shareholder and TSX Venture Exchange ("Exchange") approval, Cleanfield will issue 12,500,000 common shares at $0.06 per share to complete its non-brokered private placement for gross proceeds of $750,000. All common shares will be subject to a four-month Exchange hold period when issued.
Furthermore, Cleanfield received Exchange approval to issue 3,113,256 common shares at $0.05 per share to satisfy certain debt owing to four arm's length creditors of its subsidiary, Cleanfield Energy Corp. All common shares issued are subject to a four-month Exchange hold period expiring April 24, 2012.
About Cleanfield Alternative Energy: Cleanfield is an innovative technology company focused on the research, development and distribution of renewable energy solutions for the urban environment. The company owns industry leading and proprietary inverter technologies, which it currently sells through a complete solution - a 3 kW vertical axis wind turbine. The company is also developing several advanced solar photovoltaic technologies with strategic partners.
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 results including revenues and reflect the current assumptions and expectations of management. Unknown factors may affect the events, performance, revenues 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 laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield 905 304-5223, firstname.lastname@example.org