Cielo Waste Solutions Corp. has announced the closing of the third tranche of the company's private placement of up to US$3 million. This marks an advancement in the construction of a garbage to high grade renewable diesel refinery.
A total of US$883 236 was raised in the third tranche by way of the issuance of 8,832,360 units at US$0.10/unit. Each unit is comprised of one common share and one warrant, with each full warrant having an exercise price of US$0.20 and an expiration date of 12 months from the date of issue of the units. The term of the Warrants is subject to earlier expiration if Cielo's common shares trade at US$0.30 or above, for five consecutive days, at any time after 14 weeks from the date of issue of the units, in which case Cielo will have the right to issue a notice to the holders of the warrants that the term has been reduced to 30 days from the date of such notice. Any warrants that have not been exercised, on or before such 30 day period, will automatically expire.
With the first and second tranche, the company has raised US$2 283 236 to date (US$1 048 236 of which was settlement for debt). In connection with the third tranche of the private placement, Cielo paid US$33 600 in cash commissions. All securities issued pursuant to the private placement will be subject to a statutory four-month hold period. The net proceeds from all three tranches are being used to continue with the construction of Cielo's first commercial waste to energy refinery as well as for general working capital. The Company anticipates closing one additional tranche of the private placement on or before 5 October 2017 by issuing additional Units on the same terms.
Cielo's President and CEO, Don Allan, stated: "We continue to make significant progress retrofitting our demonstration plant into our first commercial waste to energy refinery that is being constructed on our High River property. Closing this tranche of funding brings us that much closer to being in a position to commission our first refinery that is engineered to produce high grade renewable diesel."
Read the article online at: https://www.hydrocarbonengineering.com/refining/25092017/cielo-advances-construction-of-diesel-refinery/