Cielo Waste Solutions closes second tranche of funding for Alberta biorefinery

December 26, 2018 |

In Canada, Cielo Waste Solutions Corp. announced the closing of $270,000 in the second tranche of the previously announced non-brokered private placement of up to 15,384,615 (“Units”) at $0.13 per Unit, by the issuance of 2,076,923 Units. A total of C$1,144,406 in gross proceeds has been raised in the initial two tranches by the issuance of 8,803,123 Units.

The net proceeds of the Offering will be used to acquire equipment and pay service costs to advance the commissioning of Cielo’s first commercial waste to renewable diesel fuel refinery in Aldersyde, Alberta, as well as for working capital.

Don Allan, President and CEO of Cielo, stated, “We are glad to have raised close to C$1.2 million this week of the C$2 million Offering, as it will allow us to continue to work through the holiday season to accelerate the completion of the commissioning of our Aldersyde Refinery.”

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