ANCASTER, ONTARIO--(CCNMatthews - June 22, 2007) - Cleanfield (TSX VENTURE:AIR) announces that it has entered into a letter of engagement with Wolverton Securities Ltd. to act as agent for a brokered private placement to be done on a commercially reasonable efforts basis. Cleanfield will issue a minimum of 400,000 common shares up to a maximum of 600,000 shares at a price of $2.50 per common share for gross proceeds of a minimum of $1,000,000 to a maximum of $1,500,000. The agent will be paid a marketing commission of 8% of the gross proceeds in addition to brokers' warrants to acquire shares equal to 10% of the shares subscribed under the financing. Proceeds of the offering will be used for manufacturing and working capital.
About Cleanfield Alternative Energy
Cleanfield Alternative Energy is the parent company of Cleanfield Energy(TM) and is committed to the development of renewable energy products for various applications. Cleanfield's tailor-made VAWT can be mounted on a tower or rooftop, offering electricity independence and security. The VAWT operates in various wind conditions with less concern about wind direction or variability and has fewer problems under icy conditions than conventional wind turbines. Excess power generated from a wind turbine can be stored for later use or, in some jurisdictions, sold back to the utility power grid system.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cleanfield Alternative Energy