EmberClear Corp. Announces Exercise of Option to Increase the Size of its
Underwritten Private Placement Financing to $9.2 Million

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/

CALGARY, Dec. 21 /CNW/ - EmberClear Corp. ("New EmberClear") and EmberClear Inc. (TSXV: EMB) ("Old EmberClear") are pleased to announce that NCP Northland Capital Partners Inc. ("NCP") has exercised its option to increase the size of New EmberClear's previously announced financing by an additional 857,143 common shares of New EmberClear ("New EmberClear Shares"). As a result, NCP has now agreed to purchase, as underwriter, a total of 6,571,429 New EmberClear Shares on an underwritten private placement basis at a price of $1.40 per share to raise gross proceeds of approximately $9.2 million.

The net proceeds of the offering will be used by New EmberClear to consolidate adjoining coal to form the most optimal contiguous reserve, as well as fund the continued development of energy projects such as the recently permitted 270 Megawatt Good Spring IGCC electricity plant in northeastern Pennsylvania, and for general working capital purposes.

The offering is scheduled to close on or about January 14, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange ("TSXV").

As announced on December 20, 2010, New EmberClear completed its acquisition of Old EmberClear and Future Ventures LLC pursuant to a plan of arrangement (the "Arrangement") on December 17, 2010. Final TSXV acceptance of the Arrangement and issuance of the Final TSXV Bulletin is expected upon the submission of final documentation in a form acceptable to the TSXV. It is anticipated that the common shares of Old EmberClear will be delisted from the TSXV, and that the New EmberClear Shares will be listed on the TSXV, at the opening of trading on the day that is one trading day following the date of the Final TSXV Bulletin, which New EmberClear anticipates will be issued this week. The New EmberClear Shares will trade under the symbol "EMB".

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

New EmberClear's Business

New EmberClear is a clean energy technology company developing energy projects around the world. New EmberClear develops advanced carbon based gasification projects using various technologies in thermal chemistry acquired through exclusive and non-exclusive licenses. New EmberClear also holds options to lease land, options to access coal reserves, technology licenses and other project related assets. For more information please visit www.emberclear.com.

For further information in respect of New EmberClear and its business, see Old EmberClear's information circular and proxy statement dated November 19, 2010, a copy of which can be found on SEDAR at www.sedar.com.

Forward-Looking Statement Disclaimer

Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "expect", "intend", "may", "will", "believe", "potential" and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: all of the terms of the private placement, including the proposed closing date thereof and the proposed use of proceeds; the expected receipt of final TSXV approval of the Arrangement and issuance of the Final TSXV Bulletin; and the anticipated timing of delisting of the Old EmberClear Shares and the listing of the New EmberClear Shares on the TSXV. With respect to forward-looking statements contained in this document, we have made various assumptions, including the following: that we will be able to satisfy the conditions precedent to closing the financing, including the receipt of TSXV approval; and that we will be able to satisfy the TSXV's requirements in respect of its final approval of the Arrangement and the listing of the New EmberClear Shares. Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: the possibility that the conditions precedent to closing the financing may not be satisfied on a timely basis or at all; the possibility that NCP may exercise one or more of its termination rights; and the possibility that New EmberClear will fail to obtain final TSXV approval of the Arrangement and the listing of the New EmberClear Shares on the TSXV on a timely basis or at all. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    
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For further information: David G. Anderson, Chief Financial Officer, Tel: [phone]