Cielo Announces $3.5 Million Term Sheet to Fund the Construction of its 1st Commercial Plant and Provides an Operational Update

About this update from Cielo Waste Solutions Corp.

[{"type":"text","content":"Cielo Announces $3.5 Million Term Sheet to Fund the Construction of its 1st Commercial Plant and Provides an Operational UpdateVANCOUVER, BC / ACCESSWIRE / September 18, 2017 / Cielo Waste Solutions Corp. (CSE: CMC)(\"Cielo\" or the \"Company\") is pleased to announce that it has agreed on a non-binding term sheet with a Private Alberta based lender (the \"Lender\") for a $3.5 million line of credit (the \"Credit Facility\") to Cielo for the conversion of the its pilot plant in High River, Alberta (the \"Pilot Plant\") into a commercial process and to refinance its existing mortgages. A firm agreement is expected upon the completion of due diligence by the Lender and the finalization of terms.\nThe Credit Facility would be structured as a demand based, non-revolving line of credit and would bear simple interest at 12% annually. Payments of interest only would be required until September 30th, 2018 and Cielo would be able to repay the loan without penalty any time after September 30th, 2018. The Lender would receive security in the assets of the Company as well as bonus warrants, exercisable at $0.20 per share, on additional terms to be determined.\nThe Credit Facility would be used to repay the current mortgage on the property in High River, Alberta where the Pilot Plant is located as well as the full indebtedness owed on Cielo's demonstration plan (the \"Demo Plant\"), which is being converted into the Pilot Plant. The balance would be used to fully construct Cielo's first commercial plant and allow Cielo to begin commercial operations.\nCielo's President and CEO, Don Allan, stated, \"We are extremely excited to partner up with the Lender to launch our company from pilot stage to full commercial stage. This is an extremely huge milestone for the company as this would provide for the final funds required for construction. Once in place, we can fully concentrate on the retrofitting of our Pilot Plant into commercial production. Being full steam ahead we are optimistic that we could potentially get into production shortly after we obtain our operating permit from the Alberta Government.\"\nOperational Update\nThe Demo Plant in Red Deer has now been dismantled for the purposes of moving it to the Company's property in High River, AB to begin to retrofit the exiting refinery into Cielo's first commercial plant. With the Demo Plant d...

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