(via TheNewswire)
Each Unit consists of one (1)
Each Warrant has a term of 48 months from the Issue Date (the "Warrant Term") and an exercise price of
Although 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 finder warrants (the "Finder Warrants") of up to 8% of the total number of common shares that would be issued to subscribers introduced to the Company by such broker(s)/finder(s), if 100% of the Principal under the subject Debentures is converted. The Finder Warrants have a 48-month term from the date of issue and an exercise price of
Additional tranches of the Offering are anticipated to close on or prior to
A total 218.8 Units were issued pursuant to the Fourth Tranche for gross proceeds of
All securities issued pursuant to the Offering are subject to a statutory four month hold period.
OPERATIONS UPDATE
During these challenging times of COVID-19, CIELO is continuing to make progress on completing the upgrades to the Company's proprietary waste to high grade renewable fuels process at the Aldersyde Facility. Third party engineers working with CIELO have proposed solutions to the 3 bottlenecks that were restricting continuous flow production. These solutions have now been engineered and are under fabrication. Once the fabrication is complete, theAldersyde Facility is anticipated to produce commercial quantities of renewable fuel in line with previous projections.
In anticipation that the Company will soon have significant volumes of renewable fuels to sell, CIELO has signed a non-binding Memorandum of Understanding, with a private arm's length Western Canadian based company, to purchase CIELO's renewable kerosene, for use in the aviation industry as renewable jet fuel. The parties are working towards entering into a definitive purchase agreement in the coming weeks.
During the process of implementing the aforementioned design changes and finalizing the purchase agreement, CIELO has sold a portion of its inventory of renewable diesel, that was produced while the Aldersyde Facility was running on a continuous flow basis, to an Organic farmer in
On behalf of the Board of Directors of the Company,
"Don Allan"
Investor Contacts
tbrucato@rbmilestone.com
About
CIELO is headquartered in
CIELO has already begun expanding its footprint by signing multiple Memorandums of Understanding pursuant to which third parties are in negotiation with CIELO to build, at no cost to CIELO, Joint Venture Renewable Diesel Facilities in
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.CIELOis making forward looking statements related to the Offering and completion and operation of the Aldersyde Facility as well as the definitive agreement anticipated to result from the Memorandum of Understanding. 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 involveknown 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, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.The CSE and the OTCQB have not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
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Copyright (c) 2020 TheNewswire - All rights reserved., source