Ticker: CMC.V / CWSFF
Listings: TSX Venture Exchange / US OTC / Frankfurt
Market Cap: 826 MCAD at time of publication
Share price: 1.28 CAD at time of publication
Industry: Converting waste to renewable fuel
Cielo Waste Solutions is pleased to announce the completion of the balance of the Company’s non-brokered
convertible debenture financing (the “Financing”), as previously announced on March 15,
2021, receiving gross proceeds of CDN$4,000,000.
Pursuant to the Financing, which was arranged by First Choice Financial Corp. (“FCF”),
an arm’s length third party, the Company issued 4,000 non-interest-bearing, unsecured
convertible debentures (the “Debentures”), each issued at CDN$1,000 per Debenture, on
a prospectus-exempt basis, the principal amount of the Debentures being convertible into
common shares at $1.25 per share during the 12 month term of the Debenture. Cielo will
be entitled to repay the principal owing under the Debentures at any time before maturity
or conversion without penalty.
The net proceeds will be used for engineering work for a facility to be built on land to be
acquired by Cielo in Fort Saskatchewan, Alberta, as previously announced on May 27,
2021, or otherwise in the sole discretion of the Company. In connection with the
Financing, Cielo will pay transaction fees to FCF equal to CDN$280,000. and a
commission to a third party equal to CDN$320,000.
The Debentures are subject to a statutory 4-month hold period expiring on December 4,
Don Allan, CEO of Cielo, commented, “We are pleased to see FCF’s continued
commitment and belief in Cielo and our technology. FCF has been an ideal partner,
having now committed significant capital to Cielo over several funding rounds. This capital
will enable Cielo to advance our projects with our priority being to begin driving revenue
ESGFIRE comment: Cielo Waste Solutions is firing on all cylinders in their rapid expansion plan and today’s press release is another good milestone in order to achieve their growth plans. We are also awaiting the long anticipated and expected news update on the desulphurisation process at the Aldersyde facility which we hope will be clarified in either august or september.
We own shares of this company personally.
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