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Cielo Provides Update on Entry into Ontario Marketplace, Receives CDN$750,000 in JV Fees and Repays Loan Ahead of Schedule
(TheNewswire) Vancouver, British Columbia, Canada - TheNe...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Provides Update on Entry into Ontario Marketplace, Receives CDN$750,000 in JV Fees and Repays Loan Ahead of Schedule \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 March 17, 2021 - Cielo\nWaste Solutions (CSE:CMC), (OTC:CWSFF), (CNSX:CMC.CN), (WKN:C36)\n(\"Cielo\" or the \"Company\") is pleased to provide\nan update on its press release dated March 9, 2021 (the “March 9\nPR”), which announced that the Company and Renewable U Energy Inc.\n(“RUEI”) had entered into a Memorandum Of Understanding (the\n“MOU”) to build, and commission, at no cost to Cielo other than\ninternal costs, three (3) waste to high-grade renewable fuel\nfacilities in British Columbia, Manitoba and the United States.\n Pursuant to the terms of the MOU, RUEI was required to pay an\naggregate fee of CDN$750,000 (plus GST) (the “JV Fees”), one for\neach of the new territories, by March 31, 2021 and had, as at March 9,\n2021, paid CDN$250,000 of the JV Fees.  Cielo is pleased to announce\nthat it has received the balance of the JV Fees.\n \n \n \n \n Cielo had also announced in the March 9 PR, that RUEI\nwas in the process of acquiring Seymour Capital Incorporation and/or\nits rights and obligations, which includes the right to enter into a\nmemorandum of understanding with Cielo similar to the other RUEI\nmemorandums of understanding for a territory in Ontario (the\n“Ontario Option”).  Cielo is pleased to announce that RUEI has\ncompleted this process and wishes to exercise the Ontario Option.\n Cielo has received a fee of CDN$262,500 (including GST) from RUEI\nfor the Ontario Option.  RUEI and its partners have chosen Toronto,\nOntario (within a 250km radius from the outer boundary) as the site\nfor the first Ontario joint venture facility.\n \n \n \n \n Ryan Jackson, newly appointed CEO of RUEI, stated\n“This is a very exciting announcement to be in one of the most\npopulated provinces in the country and working with local partners and\nall levels of government.  We are looking forward to working with all\nstakeholders, feedstock providers, businesses, and governments at the\nmunicipal, provincial and federal levels to build a high-grade\nrenewab...