Ticker: CMC.V / CWSFF
Listings: TSX Venture Exchange / US OTC / Frankfurt
Market Cap: 267 MCAD at time of publication
Share price: 0.41 CAD at time of publication
Industry: Converting waste to renewable fuel
VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (“Cielo” or the “Company”) announces the results of its annual general and special meeting of shareholders held virtually by telephone conference (the “Meeting”) on October 21, 2021. Shareholders voted in favour of all items put forward by the board of directors and management of Cielo.
The following five (5) director nominees were elected at the Meeting: Don Allan (Chair), Jasdeep K. Dhaliwal, Hon. Peter MacKay, Ryan Jackson, and Larry Schafran. Shareholders also appointed KPMG LLP, Chartered Accountants, as auditors of the Company for the ensuing year.
In addition, shareholders voted in favour of the Company’s 10% rolling stock option plan (the “Stock Option Plan”) and the Company’s fixed non-option incentive plan (the “Non-Option Plan”, together with the Stock Option Plan, collectively the “Incentive Plans”). The TSX Venture Exchange (the “TSXV”) had previously approved the Incentive Plans, subject to the approval of the disinterested shareholders of the Company (insiders or associates of insiders eligible to participate in the Incentive Plans). Under the Stock Option Plan, a maximum of 65,212,991 stock options (representing 10% of the Company’s issued and outstanding shares as at the date of the Meeting) may be granted (excluding any outstanding options). Under the Non-Option Plan, a maximum of 25,807,096 incentive awards other than stock options (representing 4% of the Company’s issued and outstanding shares as at the date of approval of the Non-Option Plan by the TSXV) may be granted. The Incentive Plans replace all prior incentive plans of the Company.
The Company also confirms that its management is not aware of any other corporate development or undisclosed material change to the Company or its operations at this time that would account for recent market activity.
The Company anticipates a subsequent press release prior to November 15, 2021, in which the Company will provide an update on the timeline associated with the activities at its facility in Aldersyde, Alberta and at its proposed research and development facility in Fort Saskatchewan, Alberta.
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