Business
Cielo Raises $357,500 in Second Tranche of Private Placement Offering of Convertible Debenture Units, Provides Operations Update and Announces Agreements to Settle Debt
(via TheNewswire) Vancouver, British Columbia, Canada - TheNewswire - ...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Raises $357,500 in Second Tranche of Private Placement Offering of Convertible Debenture Units, Provides Operations Update and Announces Agreements to Settle Debt(via TheNewswire)\n \n \n\n\n\n \nVancouver, British Columbia, Canada - TheNewswire - April 20, 2020 (CNSX:CMC), (OTC:CWSFF) - Cielo Waste Solutions Corp. (\"CIELO\" or the \"Company\") announces that it has closed the second tranche (\"Second Tranche\") of its private placement offering (\"Offering\") of convertible debenture units (the \"Unit(s)\"), initially announced on March 30, 2020, raising an additional $357,500 in gross proceeds in the Second Tranche and a total of $753,500 in both tranches, exceeding its targeted minimum of CAD $500,000.\n\n \n \nEach Unit consists of one (1) $1,000 unsecured convertible debenture (the \"Debenture(s)\") plus 7,500 share purchase warrants (the \"Warrant(s)\"). The Debentures bear interest at a simple rate of 15% per annum with the initial three (3) years of interest to be prepaid (the \"Prepaid Interest\") on the date of issuance of the Debentures (the \"Issue Date\") by the issuance of common shares (the \"Prepaid Interest Shares\") at a price of $0.07 per Prepaid Interest Share. The principal of the Debentures (the \"Principal\") together with all accrued interest exceeding the Prepaid Interest (the \"Interest Balance\") will be repaid 48 months from the Issue Date unless repaid earlier by CIELO without penalty or converted by the holder(s) thereof, any time after four months and a day following the Issue Date at a price of $0.05 for the Principal and at $0.07 for the Interest Balance.\n\n \n \nEach Warrant has a term of 48 months from the Issue Date (the \"Warrant Term\") and an exercise price of $0.07 per common share, subject to acceleration in the event that the common shares of CIELO, listed on a recognized stock exchange, trade at $0.15 or higher for at least five (5) consecutive trading days, in which event CIELO may provide a notice to holders that the Warrant Term will terminate 30 days from the date of notice.\n\n \n \nAlthough the Offering is non-brokered, the Company may, as determined in its sole discretion, pay reasonable customary brokers' and/or finders' commissions in connection with the completion of the Offering of up to 8% in cash of the gross proceeds raised by such broker(s)/finder(s) and issue fin...