Cleanfield Alternative Energy Inc.

Cleanfield Alternative Energy Inc.

October 01, 2007 12:54 ET

Cleanfield Alternative Energy Inc. Announces Second Closing of Its Private Placement

ANCASTER, ONTARIO--(Marketwire - Oct. 1, 2007) - Cleanfield Alternative Energy (TSX VENTURE:AIR) is pleased to announce the completion, on September 27, 2007, of the second closing of its private placement of a minimum of 400,000 common shares and a maximum of 600,000 common shares at a price of $2.50 per common share for gross maximum proceeds of $1,500,000. In the second closing, Cleanfield issued 136,000 common shares for gross proceeds of $340,000. In total an aggregate of 536,000 common shares were issued for total gross proceeds of $1,340,000 under both closings. The purchasers of the common shares are restricted from trading the same until January 28, 2008. Wolverton Securities Ltd. acted as agent and received a commission of 8% of the gross proceeds and broker warrants to acquire shares equal to 10% of the shares subscribed under the private placement. The broker warrants expire 2 years from the closing date.

About Cleanfield Alternative Energy Inc.

Cleanfield Alternative Energy is the parent company of Cleanfield Energy™ and is committed to the development of renewable energy products for various applications. Cleanfield's V3.5 can be mounted on a tower or rooftop, offering electricity independence and security. The VAWT operates in various wind conditions with less concern about wind direction or variability than conventional wind turbines. Excess power generated from a wind turbine can be stored for later use or, in some jurisdictions, sold back to the utility power grid system.

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