Business
Cielo Closes First tranche of Private Placement and Agrees to Settlement of Debt and Provides Update at Aldersyde
(TheNewswire) Vancouver, British Columbia, Canada - TheNe...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Closes First tranche of Private Placement and Agrees to Settlement of Debt and Provides Update at Aldersyde \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia, Canada -\n \n \n TheNewswire -\n \n \n September 28, 2020 -\n \n \n (\n \n \n CSE:CMC\n \n \n )\n \n \n ,\n \n \n (\n \n \n OTC:CWSFF\n \n \n )\n \n \n Cielo\nWaste Solutions Corp. (\"CIELO\" or the \"Company\")\nannounces that it has raised CDN$1,619,000 in gross proceeds in the\nfinal tranches (\"Final Tranches\") of its private placement\noffering (\"Offering\") of convertible debenture units (the\n\"Unit(s)\"), initially announced on March 30, 2020. A total\nof CDN$4,694,642 was raised in all tranches of the Offering.\n \n \n \n \n Each Unit consists of one (1)\n \n \n CDN\n \n \n $1,000 unsecured convertible debenture (the\n\"Debenture(s)\") plus 7,500 share purchase warrants (the\n\"Warrant(s)\"). The Debentures bear interest at a simple rate\nof 15% per annum with the initial three (3) years of interest to be\nprepaid (the \"Prepaid Interest\") on the date of issuance of\nthe Debentures (the \"Issue Date\") by the issuance of common\nshares (the \"Prepaid Interest Shares\") at a price of\n \n \n CDN\n \n \n $0.07 per Prepaid Interest Share. The\nprincipal of the Debentures (the \"Principal\") together with\nall accrued interest exceeding the Prepaid Interest (the\n\"Interest Balance\") will be repaid 48 months from the Issue\nDate unless repaid earlier by\n \n \n CIELO\n \n \n without penalty or\nconverted by the holder(s) thereof, any time after four months and a\nday following the Issue Date at a price of\n \n \n CDN\n \n \n $0.05 for the Principal and at\n \n \n CDN\n \n \n $0.07 for the Interest\nBalance.\n \n \n \n \n Each Warrant has a term of 48 months\nfrom the Issue Date (the \"Warrant Term\") and an exercise\nprice of\n \n \n CDN\n \n \n $0.07 per common share, subject to\nacceleration in the event that the common shares of CIELO, listed on a\nrecognized stock exchange, trade at\n \n \n CDN\n \n \n $0.15 or higher for at least five (5) consecutive trading days, in\nwhich event\n \n \n CIELO\n \n \n may provide a notice to holders that the\nWarrant Term will terminate 30 days from the date of notice.\n \n \n \n \n Although the Offering is non-brokered,\nthe Company has paid reasonable cust...