Q2 2024 HIGHLIGHTS
During, and subsequent to the quarter ended
- Closing of an asset purchase transaction with
Expander Energy Inc. (“Expander”), as disclosed in a news released datedNovember 10, 2023 , as a result of which Cielo acquired assets and liabilities of Expander, as well as an exclusive license inCanada for all feedstocks and inthe United States for creosote and treated wood, to operate the EBTL™ and BGTL™ technologies business acquired from Expander, which management believes will allow Cielo to accelerate its timeline to revenue while enhancing Cielo’s existing proprietary Thermal Catalytic Depolymerization (TCD) technology; and - Completed the sale of the Company’s property in
Fort Saskatchewan, Alberta (the “Fort Saskatchewan Property”), and the resulting elimination of the Company’s$11 million mortgage loan, as disclosed in a news release datedAugust 3, 2023 .
Financial Highlights
As at | ||||
(All amounts $000’s) | ||||
Total assets | 13,940 | 29,366 | ||
Total liabilities | 5,319 | 14,569 | ||
Total non-current liabilities | 1,941 | 61 | ||
Working capital deficiency | (2,191 | ) | (12,487 | ) |
Periods ended | Three months | Six months | ||||||
(All amounts 000’s, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||
Financing costs | 60 | 583 | 638 | 1,218 | ||||
General and administrative | 616 | 902 | 1,563 | 1,884 | ||||
Research and development | 222 | 414 | 661 | 964 | ||||
Share based compensation | 187 | 165 | 318 | 127 | ||||
Impairment of assets and assets held for sale | - | - | 3,826 | 25,366 | ||||
Net loss per share – basic & diluted | - | - | (0.01 | ) | (0.04 | ) |
For the three months ended
Net loss for the six months ended
During the quarter ended
OUTLOOK
During, and subsequent to, the quarter ending
- Following receipt of the requisite special majority approval of the Company’s shareholders at Cielo’s annual general and special shareholder meeting held on
October 26th, 2023 , the Company’s board of directors has authorized management to proceed with a share consolidation (the “Consolidation”) on the basis of one post-consolidation common share for every fifteen pre-consolidation common shares of the Company. Management may enact the consolidation at such time as is optimal. The Consolidation is subject to the approval of theTSX Venture Exchange . An update will be provided with the effective date of the Consolidation once determined. - On
December 7, 2023 , the Company announced a proposed flow-through private placement on a non- brokered basis (the "Private Placement"). The Company intends to raise up to$6 million in gross proceeds by issuing up to 150,000,000 flow-through shares (the "FT Shares") at a price of$0.04 per FT Share.
RESTATED FINANCIAL STATEMENTS
During the second quarter ended
CONFERENCE CALL
Cielo’s CEO,
Date:
Time:
Conference Call Number: 1-888-664-6392
ABOUT CIELO
CAUTIONARY NOTE REGARDING FORWARD‐LOOKING STATEMENTS
This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to herein as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward‐ looking statements. Forward‐ looking statements are often, but not always, identified by the use of words such as “anticipate,” “achieve,” “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.
Forward‐looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Cielo is making forward looking statements, with respect to, but not limited to: the Consolidation, including the timing and terms thereof; the Private Placement, and the terms thereof, and the conference call and related details, including the date and time.
Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward‐looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward‐looking statements. Any forward‐ looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV), nor OTCQB, have reviewed, and do not accept responsibility for the adequacy or accuracy of, the content of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:Ryan Jackson , CEO Phone: (403) 348-2972 Email: investors@cielows.comRB Milestone Group LLC Email: cielo@rbmilestone.com
Source:
2023 GlobeNewswire, Inc., source