Cielo Announces Closing of CDN$10M Non-Brokered Convertible Debenture Financing and Conversion to Shares

About this update from Cielo Waste Solutions Corp.

[{"type":"text","content":"Cielo Announces Closing of CDN$10M Non-Brokered Convertible Debenture Financing and Conversion to SharesVANCOUVER, BC / ACCESSWIRE / May 3, 2021 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\") is pleased to announce the completion of the Company's non-brokered, convertible debenture financing, as previously announced on March 3, 2021, receiving gross proceeds of CDN$10,000,000 (the \"Financing\").Cielo issued 10,000 non-interest-bearing, unsecured convertible debentures (the \"Debentures\"), each issued at CDN$1,000 per Debenture, on a prospectus-exempt basis, the principal amount of the Debentures being convertible into common shares at $1.02 per share during the 12 month term of the Debenture.Cielo is pleased to announce that all of the Debentures have been converted following issuance at $1.02 per share. First Choice Financial (\"FCF\"), the arm's length third party with whom Cielo had entered into the binding letter of intent announced on March 3rd and who arranged for the aggregate loan, and the individual lenders, who are existing Cielo shareholders and connected with FCF, have decided to exercise the Debentures now, even though they are at a premium to the current market. All Debentures and the common shares that were issued upon the conversion thereof are subject to a statutory 4-month hold period expiring on August 30, 2021.Don Allan, CEO of Cielo commented, \"We are thrilled to see the financial commitment from a group of our larger shareholders and pleased to see their additional commitment by converting their debentures at a premium to the current market price. This injection of capital, along with the funds raised from the exercise of outstanding warrants has firmly positioned us with the financial strength to drive forward aggressively to accomplish our next major milestones and do so ahead of schedule.\"The net proceeds of this Financing, together with the additional CDN$4,000,000 that was previously announced on March 15th, 2021 and which is forthcoming, will be used to acquire land in Edmonton, Alberta to build another 100% Company-owned waste to high grade renewable fuel facility, for the engineering and expansion of the production capability at the Company's facility in Aldersyde, Alberta from 24,000 litres per day (or 6340 US liquid gallons) to 48,000 litres per day (or 12,...

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