TORONTO, March 21, 2010 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield" or the "Company") (TSX-VENTURE: AIR-V), announced on Friday that it completed a non-brokered private placement of $230,000 by issuing a total of 718,750 units at $0.32 per unit to two arm's length investors. Each unit consists of one common share in the capital of Cleanfield and one common share purchase warrant. Each warrant is exercisable into one common share of Cleanfield at an exercise price of $0.40 per share at any time on or before March 19, 2012. The issued and outstanding shares of Cleanfield after closing are 28,426,776 common shares. All securities issued in the private placement are subject to a four-month hold period expiring on July 20, 2010. The net proceeds from the private placement will be used for working capital.
In addition, Cleanfield received TSX Venture Exchange approval, to issue 211,125 common shares at $0.32 per share to satisfy certain debt owing to three arm's length creditors and one non-arm's length creditor of its subsidiary, Cleanfield Energy Corp. 60,938 of the common shares issued were as a result of previously signed "shares for services" agreements. All common shares issued are subject to a four-month hold period expiring July 19, 2010.
About Cleanfield: We are committed to developing renewable energy products for the urban environment. Cleanfield produces an industry-leading VAWT, which can be installed in various ways, produces green renewable energy quietly and cost effectively and which is sold worldwide.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE Cleanfield Alternative Energy Inc.
For further information: For further information: Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield, (905) 304-5223, firstname.lastname@example.org