Cielo Announces MOU to Build a Renewable Diesel Refinery in Lethbridge, Alberta and Settlement of Debt

About this update from Cielo Waste Solutions Corp.

[{"type":"text","content":"Cielo Announces MOU to Build a Renewable Diesel Refinery in Lethbridge, Alberta and Settlement of DebtVANCOUVER, BC / ACCESSWIRE / July 30, 2019 / Cielo Waste Solutions Corp.(CSE:CMC)(OTC:CEIWF) (\"Cielo\" or the \"Company\") announces that it has entered into a Memorandum of Understanding (“MOU”) with Renewable U Lethbridge Inc. (\"Renewable U LA\") to build a renewable diesel refinery in the City of Lethbridge, Alberta. Renewable U LA and Cielo are now working towards entering into a joint venture agreement (\"JV Agreement\") that will provide the framework to build and operate a joint venture refinery that converts garbage into high grade renewable fuels utilizing Cielo’s proprietary technology (“JV Refinery\"). Renewable U LA has advanced to Cielo $100,000 of the $250,000 joint venture fee (“Fee”) to secure the territory of Lethbridge, Alberta and the area encompassing a 100 km radius of Lethbridge (“LA Territory”). Renewable U LA has until August 26, 2019 to pay to Cielo the balance of the Fee. In the event Renewable U LA fails to pay Cielo the balance of the Fee, Cielo will return to Renewable U LA, the $100,000 advance and Renewable U LA will relinquish any and all rights to the LA Territory.The general terms to be incorporated into the JV Agreement are substantially the same as those previously announced terms for the joint venture refineries to be located in Grande Prairie, Medicine Hat, Brooks and Calgary, Alberta which include the following guidelines:Renewable U LA will be solely responsible for financing 100% of the costs associated with the JV Refinery (“JV Costs”) including for the acquisition of the land, building and commissioning of the JV Refinery.Cielo will manage the JV Refinery, overseeing its planning, construction, commissioning and operation and will receive a management fee for the construction of the JV Refinery equal to 7% of the JV Costs subject to certain exclusions, and will continue to receive management fees once operations begin based on industry standards.In the event that Cielo does not execute the definitive agreement for Lethbridge, Alberta, subject to an exclusion, by October 26, 2019, Cielo has agreed, subject to applicable laws and policies, to issue Renewable U LA common shares of Cielo in lieu of returning the Fee, va...

More updates from Cielo Waste Solutions Corp.