Cielo closed third tranche of private placements, announces joint venture extensions

June 30, 2019 |

In Canada, Cielo Waste Solutions Corp. announced the closing of $1,020,250 in gross proceeds in the third tranche of its previously announced private placement of convertible debenture units and announced an extension to the deadlines to complete the previously announced joint venture agreements with Renewable U Grande Prairie Inc., Renewable U Medicine Hat Inc., Renewable U Brooks Inc. and Seymour Capital Incorporated, that will govern the building and operation of follow-on Cielo refineries in specified territories in Alberta and Ontario.

In conjunction with the previously announced closing of the first and second tranches of the Offering, announced on May7th and June 4th, 2019, a total of $2,815,250 in gross proceeds has now been raised in the initial three tranches. Net proceeds of the Offering will be used to complete the commissioning of the Company’s refinery in Aldersyde, Alberta, as well as for general working capital.

As a result of requests for additional time for due diligence by the JV Companies, Cielo and the JV Companies have agreed to extend the deadlines by which they had agreed to enter into the respective definitive agreements from June 28th and 30th, 2019, respectively, to September 30th, 2019.

Category: Fuels

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