TORONTO, Aug. 3, 2012 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX VENTURE: AIR) announces that, subject to TSX Venture Exchange ("Exchange") approval, it will issue 428,356 common shares at $0.20 per share to satisfy the interest owing as of July 31, 2012 and payable in common shares of Cleanfield relating to the senior secured convertible redeemable debentures, Series B. The common shares will be issued when the Exchange's approval is received and will be subject to a four-month Exchange hold period when issued.
Cleanfield also announces that, after receiving Exchange approval, it issued 1,685,000 common shares at $0.05 per share to satisfy certain debt owing to two arm's length creditors of its subsidiary, Cleanfield Energy Corp. All common shares issued are subject to a four-month Exchange hold period expiring November 27, 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 3.5 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.
SOURCE: Cleanfield Alternative Energy Inc.
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