Cielo Waste Solutions Corp. announced updates regarding its agreements with Renewable U Energy Inc. ("Renewable U"), including with respect to the purchase of land in Dunmore, Alberta (the "Dunmore Land") by Cielo for the purposes of building a full-scale, waste-to-fuel facility (the "Dunmore Facility"). The Company also provides an updated on the previously disclosed, proposed securities consolidation of the common shares of Cielo (the "Consolidation").

On May 1st, 2023, Cielo had announced its agreement with Renewable U to acquire the Dunmore Land, which provided for a condition deadline as well as a tentative closing date, both of which have been amended since the date of the initial agreement, as previously disclosed. In light of the Company's recent asset purchase transaction (the "Asset Purchase") with Expander Energy Inc. ("Expander"), Cielo and Renewable U have agreed to further amend the condition deadline to December 15th, 2023 and the closing date to January 5th, 2024, which is expected to allow Cielo the opportunity to strategically assess financing alternatives subsequent to the acquisition. On May 17th, 2023,Cielo had announced a termination agreement with Renewable U (the "Termination Agreement") regarding the termination of memorandums of understanding that had been executed between the parties between 2018 and 2021.

Under the terms of the Termination Agreement, Cielo is required to submit a proposal to Renewable U setting out the terms on which the $2 million owing from Cielo to Renewable U would be exchanged for a participation interest in the Dunmore Facility. The proposal deadline has been extended to March 29th, 2024.