Cielo Waste Solutions
Ticker: CMC.CN / CWSFF
Listings: Canadian Securitites Exchange / US OTC
Website:https://www.cielows.com/
Market Cap: 423 MCAD at time of posting
Share price: 1.20 CAD at time of posting
Industry: Converting waste to renewable fuel
Cielo Waste Solutions today 15/3 2021 announced an increase from $10 MCAD to $14 MCAD for the binding letter of intent for its convertible loan. The terms are the same as previous with the slight positive change that the extended loan’s possible convertible share price is 1.25 CAD compared to 1.02 CAD in the previous deal. The loan is non interest bearing and The Additional Loan Amount is also subject to transaction fees equal to CDN$280,000 and commission to a third party of CDN$320,000.
This financing will enable for the company to double the current production capacity from 1000 Liters (264 Gallons) per hour to 2000 Liters (528 Gallons) per hour for the Aldersyde plant in Alberta and for engineering work to be done at the new Edmonton facility.
Don Allan, President and CEO of Cielo, stated, “Cielo has hired a 3rd party Real Estate Appraisal company and is narrowing down the site selection in Edmonton and we hope to have the land purchased in the next few weeks. This additional CDN$4M will also allow us to start the engineering and permitting process in Edmonton while continuing work on the Dunmore facility outside Medicine Hat, AB, and, with the increase, Cielo now sufficient funds to enable us to double the production capacity at the Aldersyde Facility. Cielo is grateful to be in a position of financial stability with good momentum. Cielo has received attention from the financial community and, at present, we are fielding calls of interest from numerous companies and firms wanting to help take our company to the next level. 2021 has started extremely positive for Cielo and its shareholders and we believe the momentum will continue as we’ve reduced the hurdles in front of us.”
ESG comment: The upsized loan facility gives Cielo Waste Solutions a crucial momentum in its rapid expansion plan. The Aldersyde facility will now be able to double its production while at the same time engineering works can start at the Edmonton facility once the land purchase has been completed in the next few weeks. I’m very excited for what the remainder of 2021 holds for Cielo Waste Solutions!
Link to original press release:
https://ceo.ca/@thenewswire/cielo-announces-cdn-4m-increase-to-binding-letter
Cielo Waste Solutions remains as my largest position in the portfolio and I’m confident that the company is on a positive path towards commercial success even more so after this breakthrough.
This is not to be considered financial advise, always do your own research!