Cielo Waste Solutions Announces Memorandum of Understanding to Build a Renewable Diesel Refinery in Calgary and Announces Production of Renewable Fuels

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[{"type":"text","content":"Cielo Waste Solutions Announces Memorandum of Understanding to Build a Renewable Diesel Refinery in Calgary and Announces Production of Renewable FuelsVANCOUVER, BC / ACCESSWIRE / November 22, 2018 / Cielo Waste Solutions Corp. (\"Cielo\" or the \"Company\") (CSE:CMC) Cielo is pleased to announce that it has entered into a binding Memorandum of Understanding (\"MOU\") with Seymour Capital Incorporated (\"Seymour Capital\") that provides the framework for a joint venture agreement (\"JV Agreement\") pursuant to which Seymour Capital will provide 100% of the funding to build, commission and operate a Joint Venture Refinery (\"JV Refinery\") in Calgary, Alberta. The JV Refinery is projected to cost approximately $20 million and the parties to the MOU hope to have negotiated and finalized the terms of the JV Agreement for the JV Refinery (\"Project\") by February 28th, 2019, but in any event no later than April 30, 2019. The parties intend to form a joint venture company, to be owned 50.1% by Cielo and 49.9% by Seymour Capital.In consideration for the opportunity to enter into the JV Agreement with Cielo and undertake the Project, Seymour Capital has paid to Cielo a $250,000.00 upfront fee (\"Fee\") to secure the territory of Calgary, Alberta. Pursuant to the terms of the MOU, Seymour Capital has been granted an option that can be exercised, on or before February 28th, 2019 to enter into a follow-on contractual arrangement with Cielo, on similar terms to the MOU, to build, commission and operate another joint venture refinery to be located in an Ontario municipality, of Seymour Capital's choice, other than one that is within the Greater Toronto Area (\"Option\"). In the event that Seymour Capital exercises its Option, Seymour Capital will pay to Cielo an additional one-time fee of $250,000.The general terms to be incorporated into the definitive agreement include the following: Seymour Capital will be solely responsible for financing 100% of the costs, associated with acquiring the land, building and commissioning of the JV Refinery (\"Project Costs\"), as well as for the initial refinery contemplated to be built in Ontario, if Seymour Capital exercises its Option. Seymour Capital has a right of first refusal to enter into further agreements with Cielo to participate with Cielo on a 50.1%/49.9% basis, in favour of Cielo, to build, c...

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