Cleanfield Announces Private Placement and Share Issuance

TORONTO, Aug. 22, 2012 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX VENTURE: AIR) announces that it completed a non-brokered private placement with gross proceeds totalling $262,000 by issuing, subject to TSX Venture Exchange ("Exchange") approval, a total of 5,240,000 common shares at $0.05 per share. All securities issued in the private placement are subject to a four-month Exchange hold period. The net proceeds from the private placement will be used for working capital.

Cleanfield also announces that, subject to Exchange approval, it will issue 616,960 common shares at $0.05 per share to satisfy certain debt owing to two arm's length creditors of its subsidiary, Cleanfield Energy Corp.  The common shares will be issued when the Exchange's approval is received. All common shares issued will be subject to a four-month Exchange hold period when issued.

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.

Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield 416 756-4890, [email protected].