Cielo Accelerates Construction Of First Garbage To High Grade Renewable Diesel Refinery With $550,000 Second Tranche Closing

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[{"type":"text","content":"Cielo Accelerates Construction Of First Garbage To High Grade Renewable Diesel Refinery With $550,000 Second Tranche ClosingVANCOUVER, BC / ACCESSWIRE / August 31, 2017 / Cielo Waste Solutions Corp. (CSE: CMC) (\"Cielo\" or the \"Company\") is pleased to announce the closing of the second tranche of the Company's private placement of up to $3,000,000 (the \"Private Placement\"). A total of $550,000 was raised in the second tranche by way of the issuance of 5.5 million units (\"Units\") at $0.10 per Unit. Each Unit is comprised of 1 common share and one ½ warrant, with each full warrant (\"Warrant\") having an exercise price of $0.20 and an expiration date of twelve months from the date of issue of the Units. The term is subject to earlier expiration if Cielo's Common Shares trade at $0.30 or above for 5 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.\n\nTogether with the first tranche closing on July 17, 2017, the Company has raised $1,400,000 to date. The net proceeds from both tranches have been/will be used to continue with the construction of Cielo's first commercial waste to energy refinery and general working capital. The Company intends to close one additional tranche of the Private Placement by issuing additional Units on the same terms so as to allow those who were unavailable during the summer months to participate.\n\nCielo's President and CEO, Don Allan, stated, \"We are making excellent progress retrofitting our demonstration plant into our first commercial waste to energy refinery that will be built on our High River property, which previously had an idle bio-diesel plant located on it. Closing this tranche of funding allows us to order long lead items for our refinery that will produce high grade renewable diesel. We are confident that we will soon be able to prove to the world that Cielo has a game changing technology that can convert multiple different waste streams into renewable diesel on a continuous flow basis.\"\n\nIn connection with the second tranche of the Private Placement, Cielo paid $42,400 in cash commissi...

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