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Cielo Announces Private Placement Offering of Convertible Debenture Units and First Closing of $396,000, Extension of Joint Venture Agreement Deadline
VANCOUVER, BC / ACCESSWIRE / March 30, 2020 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CW...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Announces Private Placement Offering of Convertible Debenture Units and First Closing of $396,000, Extension of Joint Venture Agreement DeadlineVANCOUVER, BC / ACCESSWIRE / March 30, 2020 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CWSFF) Cielo Waste Solutions Corp. (\"CIELO\" or the \"Company\") announces a new private placement offering of unsecured convertible debenture units (the \"Offering\") and the closing on March 27, 2020 of the initial tranche of the Offering, raising gross proceeds of $396,000 (\"Initial Closing\").In addition, in part as a result of work disruptions caused by COVID-19, CIELO and Renewable U Grande Prairie Inc., Renewable U Medicine Hat Inc., Renewable U Lethbridge Inc., Renewable U Halifax Inc. and Seymour Capital Incorporated, respectively (collectively \"the JV Companies\") have agreed to extend the deadline by which they had agreed to enter into previously announced contemplated joint venture agreements from March 31, 2020 to June 30, 2020.PRIVATE PLACEMENT OFFERINGCielo announces the Offering for a targeted minimum of CAD $500,000 in convertible debentures units (the \"Unit(s)\"). Each Unit consists of one (1) $1,000 unsecured convertible debenture (the \"Debenture(s)\") plus 7,500 share purchase warrants (the \"Warrant(s)\"). The Debentures bear interest at a simple rate of 15% per annum with the initial three (3) 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 $0.07 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 $0.05 for the Principal and at $0.07 for the Interest Balance.Each Warrant has a term of 48 months from the Issue Date (the \"Warrant Term\") and an exercise price of $0.07 per common share, subject to acceleration in the event that the common shares of CIELO, listed on a recognized stock exchange, trade at $0.15 or higher for at least five (5) consecutive trading days, in which event CIELO may provi...