TORONTO, Feb. 22 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSXV: AIR) announces that, after receiving TSX Venture Exchange
("Exchange") approval, it issued 766,289 common shares at $0.11 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 June 23, 2011.
In addition, Cleanfield announces that, subject to Exchange approval, it
will issue 126,610 common shares at $0.20 per share as a result of
receiving a conversion notice for $25,000 in principal of the Series B
22% Senior Secured Convertible Redeemable Debentures. The common shares
will be issued when the Exchange's approval is received. 1,610 common
shares issued will be subject to a four-month Exchange hold period when
issued. Also, as part of the conversion, Cleanfield will issue, subject
to Exchange approval, 125,000 warrants convertible at $0.30 per common
share with an expiry date of July 31, 2012.
About Cleanfield: Cleanfield is an innovative technology company focused on the research,
development and distribution of renewable energy solutions for the
urban environment. Cleanfield possesses industry leading, proprietary
inverter technologies, which it currently sells through a complete
solution - a 3 kW vertical axis wind turbine. The company's vision is
to be recognized as an international leader in bringing high-quality
and innovative sustainable energy solutions to the marketplace.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE Cleanfield Alternative Energy Inc.
For further information:
Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield (905) 304-5223, firstname.lastname@example.org