Business
Cielo Announces Settlement of Debt and the Resulting Discharge of Aldersyde Security
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINA...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Announces Settlement of Debt and the Resulting Discharge of Aldersyde SecurityTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.CALGARY, AB / ACCESSWIRE / February 23, 2023 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\"), a waste-to-fuel environmental technology company, is pleased to announce that it has entered into an agreement for the settlement of the $4,500,000 principal outstanding on a secured mortgage loan initially obtained to acquire the Company's Fort Saskatchewan property, held by First Choice Financial Incorporated (\"FCF\") and KV Capital Partners (\"KV\"), through the issuance of securities of the Company (the \"Securities for Debt Transactions\").As disclosed in the Company's news release on February 13th, 2023, which provided an update on the Company's proposed private placement (the \"Financing\") with Crestmont Investments, LLC (\"Crestmont\"), management believes these transactions will enhance Cielo's financial position and support the continued progress in advancing the research and development facility (the \"R&D Facility\"), targeted for commissioning by calendar Q2 2023, and further the goal of providing investors with long-term economic sustainability.\"FCF is proud to be a committed partner of Cielo and to continue providing innovative financing solutions that support the team's core strategy, including through this strategic debt repayment structure,\" commented Vikas Sharma, Chief Executive Officer of FCF. \"As a firm believer in Cielo's management team and strategy, we are prepared to reinvest in the Company, including demonstrating our support through the warrants being issued at a premium to the common share's current market value, reflecting our belief in where Cielo is headed in the long-term and the ultimate value offered by its business model.\"Ryan Jackson, CEO of Cielo, commented, \"Cielo and FCF have been long time partners and we sincerely appreciate the vote of confidence that a conversion of this magnitude conveys. Moving forward, with the support of Crestmont and FCF, we believe that we have the resources necessary to continue on our path to commercialization.\"Strategic Benefits of the TransactionsThe completion of the proposed Securities for Debt Transaction as well...