Business
Cielo Closes Marketed Short Form Prospectus Financing for Gross Proceeds of Approximately $9.775MM, Including Full Exercise of Over-Allotment
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES VANC...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Closes Marketed Short Form Prospectus Financing for Gross Proceeds of Approximately $9.775MM, Including Full Exercise of Over-AllotmentNOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / July 8, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF)(Frankfurt:C36) (\"Cielo\" or the \"Company\") today announced that it has closed the previously announced best efforts marketed public offering (the \"Public Offering\") of units (the \"Units\") of the Company, including the full exercise of the over-allotment option for combined gross proceeds of approximately $9.775 million. Pursuant to the terms of the Public Offering, the Company issued 139,642,856 Units at a price of $0.07, including 18,214,285 Units issued pursuant to the exercise of the over-allotment option. The Units were offered and sold by way of a short form prospectus filed in the provinces of British Columbia, Alberta, and Ontario (the \"Prospectus\").Each Unit is comprised of one common share (a \"Common Share\") and one common share purchase warrant (a \"Warrant\") of the Company. Each Warrant will entitle the holder thereof to acquire one Common Share (a \"Warrant Share\") at an exercise price of $0.09 for a period of 60 months following the Closing Date. The Warrants are expected to commence trading on the TSX Venture Exchange (\"TSXV\") under the symbol \"CMC.WT\" on July 12, 2022.The Public Offering was conducted on a commercially reasonable \"best efforts\" basis by Echelon Wealth Partners Inc. (the \"Agent\"). As compensation, the Company paid to the Agent a cash fee of approximately $514,121.26, an advisory fee of $40,000 (the \"Advisory Fee\") and issued to the Agent an aggregate of 7,344,589 broker warrants (the \"Broker Warrants\"). Each Broker Warrant entitles the holder thereof to purchase one Unit at an exercise price of $0.07 per Unit until July 8, 2027.The Company intends to use the net proceeds of the Offering for capital and equipment costs relating to the R&D Facility, additional research and development expenditures, expenses related to the Offering, and for other general corporate purposes as further described in the Prospectus, which is available on the Company's SEDAR profile at www.sedar.com.The securities described herein have not been, nor will they be, registered under ...