Cielo Announces Proposed $5 Million Convertible Note Financing and Confirms Sale of Distillate Previously Produced at Aldersyde

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[{"type":"text","content":"Cielo Announces Proposed $5 Million Convertible Note Financing and Confirms Sale of Distillate Previously Produced at AldersydeCALGARY, AB / ACCESSWIRE / December 19, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\"), a waste-to-fuel environmental technology company, is pleased to announce a proposed private placement of secured convertible notes (the \"Notes\") for up to an aggregate principal amount of up to CAD $5,000,000 (the \"Financing\") to a designated affiliate or assignee of Crestmont Investments, LLC (in either case referred to as \"Crestmont\"), a New York-based investment firm focused on emerging opportunities in decarbonization, healthcare, technology, and special situations, and a non-arm's length party to Cielo.\"We are extremely pleased to announce this proposed financing with an investment partner of the calibre represented by Crestmont, and to secure the requisite funding to enable Cielo to advance our R&D facility to commercialization where we can demonstrate the true potential of our proprietary technology,\" said Ryan Jackson, CEO of Cielo. \"We believe this investment provides Cielo the runway to support feedstock trials for our R&D facility beyond commissioning, and to facilitate corporate growth.\"\"Crestmont, through this financing, is proud to demonstrate our belief in, and support of, Cielo and the long-term vision of the Company's new management team,\" said David Beach, Principal of Crestmont. \"The progress shown since the new management team at Cielo took the helm is considerable and provides demonstration of the Company's ability to utilize proprietary technology to advance its goal of becoming a leading waste solutions company while helping to solve the world's growing waste problem. We are proud to partner with the Cielo team on this exciting journey to revolutionize the circular economy.\"Proposed Secured Convertible Note FinancingCielo and Crestmont have entered into a binding letter of intent (the \"LOI\"), setting out the terms of the proposed Financing. Under the terms of the Financing, which is subject to due diligence by Crestmont (the \"Due Diligence\") and acceptance by the TSX Venture Exchange (\"TSXV\") and any other relevant regulatory or other consents and approvals, Cielo would receive funding of up to a total of $5 million for the p...

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