Cleanfield plans 1.7m share sale

Jul 23, 2012 - Canadian renewable energy group Cleanfield Alternative Energy Inc (CVE:AIR) Friday unveiled plans to issue some 1.7 million common shares at a price of CAD 0.05 (USD 0.05/EUR 0.04) per share.

Proceeds from the issue will be used to pay out debt held by two creditors of the company's subsidiary Cleanfield Energy Corp. The share issue is pending the thumbs-up by the TSX Venture Exchange.

Cleanfield Alternative Energy specialises in the design and production of an innovative inverter device, which is commercialised in a complete solution -- the 3.5-kW vertical axis wind turbine. The company is also involved in the development of solar photovoltaic technologies in partnership with other companies.

(CAD 1 = USD 0.985/EUR 0.813)

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