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Cielo Announces Private Placement Of Convertible Debenture Units And Closing Of First Tranche, Operations Update And Conference Call
VANCOUVER, BC / ACCESSWIRE / May 7, 2019 / CSE: CMC: Cielo Waste Solutions Corp. ("Cielo" or...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Announces Private Placement Of Convertible Debenture Units And Closing Of First Tranche, Operations Update And Conference CallVANCOUVER, BC / ACCESSWIRE / May 7, 2019 / CSE: CMC: Cielo Waste Solutions Corp. (\"Cielo\" or the \"Company\") announces a private placement of convertible debenture units, an operational update and conference call details for May 10th, 2019.PRIVATE PLACEMENT OFFERING OF CONVERTIBLE DEBENTURESCielo announces a private placement offering of a targeted minimum of CAD $1,000,000 in convertible debentures units (the \"Unit(s)\"). Each Unit will consist of one (1) $1,000 unsecured convertible debenture (the \"Debenture(s)\") and 500 share purchase warrants (the \"Warrant(s)\").The Debentures will bear interest at a simple rate of 15% per annum, the initial two (2) years of interest to be prepaid (the \"Prepaid Interest\") on the date of issuance of the Debentures (the \"Issue Date\") by the issuance of common shares (the \"Prepaid Interest Shares\") at a price of $0.10 per Prepaid Interest Share. The principal of the Debentures (the \"Principal\") together with all accrued interest exceeding the Prepaid Interest (the \"Interest Balance\") will be repaid 48 months from the Issue Date unless repaid earlier by Cielo without penalty or converted by the holder(s) thereof any time after four months and a day following the Issue Date at a price of $0.06 for the Principal and $0.10 for the Interest Balance.Each Warrant will be exercisable for a term of 48 months from the Issue Date (the \"Warrant Term\") at an exercise price of $0.25 per share, subject to acceleration in the event that the common shares of Cielo listed on a recognized stock exchange trade at $0.50 or higher for at least five (5) consecutive trading days, in which event Cielo may provide a notice to holders that the Warrant Term will terminate 30 days from the date of notice.Cielo is pleased to announce that it has closed the first tranche of the Offering (the \"First Tranche\") exceeding its minimum target. Cielo has raised gross proceeds of $1,008,000 by the issuance of 1,008 Units (including $50,000 of debt owing to one contractor converted to 5 Units). In addition to the issuance of the Units, 3,024,000 Prepaid Interest Shares were issued. The Offering is expected to remain open until May 24th to allow for current interested parties to parti...