Cielo announces C$2 million private placement financing

Cielo Waste Solutions Corp. (TSXV: CMC; OTC PINK: CWSFF) announced a non-brokered private placement financing for gross proceeds of up to C$2 million through the issuance of up to 40 million units at $0.05 per unit.

Each unit consists of one common share and one warrant. The warrants entitle holders to purchase one common share at $0.07 per share for two years from the date of issuance.

The company plans to use net proceeds for development and early-stage engineering of its proposed waste-to-hydrogen facility in British Columbia, including regulatory and incentive application work. Funds will also support general working capital purposes, including approximately C$750,000 in payments under a settlement agreement with Expander Energy Inc.

"This financing represents, in effect, a continuation of the previously announced and closed $3 million unit offering, of which approximately $1 million was raised," said Ryan Jackson, chief executive officer. "In addition to the final payment of funds to Expander, these additional funds will allow Cielo to maintain momentum on Project Nexus in Northern British Columbia in continuing to advance regulatory and engineering milestones."

The offering requires corporate and regulatory approvals, including approval from TSX Venture Exchange. The company may pay finder's fees in cash or securities to certain arm's length finders, subject to exchange approval. Securities issued will be subject to a four-month plus one-day hold period from issuance.

Cielo focuses on transforming waste materials into high-value products and operates in the wood by-product-to-fuels industry.

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