/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 11 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield" or the "Company", TSX-V: AIR), an international leader in Vertical Axis Wind Turbine (VAWT) technology solutions, announced today that, subject to regulatory approval, it intends to proceed with a non-brokered private placement financing (the "Private Placement") of up to 1,500,000 units (the "Units") of the Company at a price of $0.32 per Unit for aggregate proceeds of up to $480,000. Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one common share in the capital of the Company at any time on or before the date that is two years after the closing of the Private Placement at an exercise price of $0.40 per share.
Subject to certain conditions including, but not limited to, the receipt of the approval of the Toronto Stock Exchange, closing is expected on or about March 31, 2010.
All currency references are in Canadian dollars.
This news release is not for distribution to United States newswire services or for dissemination in the United States. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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. We also provide purchase financing to qualified customers, and are 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. 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.
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, email@example.com