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Cielo Advances Construction Of First Garbage To High Grade Renewable Diesel Refinery Through First Tranche Gross Proceeds of $850,000 and Debenture Conversion of $125,000
VANCOUVER, BC / ACCESSWIRE / July 17, 2017 / Cielo Waste Solutions Corp. (CSE: CMC) ("Cielo"...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Advances Construction Of First Garbage To High Grade Renewable Diesel Refinery Through First Tranche Gross Proceeds of $850,000 and Debenture Conversion of $125,000VANCOUVER, BC / ACCESSWIRE / July 17, 2017 / Cielo Waste Solutions Corp. (CSE: CMC) (\"Cielo\" or the \"Company\") is pleased to announce the closing of the first tranche of the Company's private placement of up to $3,000,000, announced on June 14, 2017 (the \"Private Placement\"). A total of $850,000 was raised by way of the issuance of 8.5 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. Notwithstanding the foregoing, in the event Cielo's Common Shares, trade at $0.30, or above, for 5 consecutive days, any time after 14 weeks from the date of issue of the Units, 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.\nCielo also announces that two holders of convertible debentures (the \"Debentures\"), the issuance of which was announced on July 16, 2015, have elected to convert an aggregate amount equal to $125,000 due and payable to them into 1,250,000 common shares of the Company at $0.10 per Common Share in accordance with the terms of the Debentures.\nCielo's President and CEO, Don Allan, stated, \"These are very exciting times for Cielo. With this latest round of funding now in place, we are confident that we will, tentatively before the end of this year, be in a position to showcase to the world our technology that is engineered to convert multiple different waste streams into renewable diesel on a continuous flow basis. Our demonstration plant that was capable of producing 50 liters of renewable diesel an hour, is now being moved to our property in High River, Alberta, where it will be retrofitted into a 350 liter an hour continuous flow refinery. Once our technology is validated that it is scalable, on a continuous flow basis, Cielo's strategic plan is to build multiple modular refineries that will produce millions of liters of high grade renewable diesel a ...