Cielo Initiates Construction Planning for First Commercial Facility, Provides Update on Previously Announced Financing and Announces Webinar
CALGARY, Alberta, April 10, 2023 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, is pleased to announce that it has initiated planning and third-party discussions with regard to its first commercial facility (the “First Commercial Facility”), anticipated to be located in Dunmore, Alberta. Cielo is also pleased to provide an update with respect to the Company’s previously announced proposed private placement financing, initially proposed as an offering of convertible debentures, and amended to units consisting of common shares and warrants, with a designated affiliate or assignee of Crestmont Investments, LLC (in either case referred to as “Crestmont”), a New York-based investment firm focused on emerging opportunities in decarbonization, healthcare, technology, and special situations, and a non-arm’s length party to Cielo.
- In recent months, Cielo has been working toward the construction and commissioning of its research and development facility in Aldersyde, Alberta (the “R&D Facility”), as previously announced.
- Management has circulated a request for proposal for project management services, to assist in the initiation, design, and construction of the Facility.
- Discussions between Cielo and Crestmont have resulted in the amendment to the nature of the financing to be provided by Crestmont (the “Financing”) to one contemplating this participation.
- As noted above, Cielo and Crestmont have now agreed to amend the terms of the proposed financing (the “Financing”).