Cielo Announces Term Loan Extension
News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here.
CALGARY, AB /ACCESSWIRE/March 19, 2022/ Cielo Waste Solutions Corp. (TSXV: CMC)(OTCQB: CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, is pleased to announce the extension of the term of a previously announced mortgage loan from 12 months to 24 months (the “Loan Extension”). All amounts in this press release are in Canadian dollars, unless otherwise indicated.
On August 24, 2021, the Company announced the closing of a $12.0 million mortgage loan (the “Loan”) in connection with the acquisition of a 60 acre industrial site with a 31 750 square feet in Fort Saskatchewan, Alberta. The loan had a term of 12 months, which was extended to 24 months, maturing on September 1, 2023.
As announced on February 22, 2022, the Company has repaid $5.5 million of the loan. The outstanding principal balance of the loan is $6.5 million after partial repayment.
In consideration for extending the loan, Cielo has agreed to use the proceeds from the exercise of all bonus warrants held by First Choice Financial (“FCF”), the lender of the loan (whether issued to with respect to the loan or any other loans due to FCF thereafter) to repay the balance of the loan.
“CWF is thrilled to support Cielo’s vision to lead the industry in turning waste to fuel using environmentally friendly and economically sustainable technology,” said Vikas Sharma, President and CEO of CWF. “FCF looks forward to continuing to support Cielo in achieving its milestones.”
The loan extension has greatly improved the company’s liquidity and reduced short-term debt that becomes due over the next 12 months.
For more information, please contact:
Cielo Investor Relations
Email: [email protected]
Rose & Company
610 Fifth Avenue, Suite 308
New York, NY 10020
Telephone: (212) 517-0810
Email: [email protected]
RB Milestone Group LLC (USA):
Trevor Brucato, General Manager
Email: [email protected]
New York, NY and Stamford, CT
Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company whose shares are listed on the TSX Venture Exchange (“TSXV”) under the symbol ” CMC”, as well as on the OTC Venture Market (“OTCQB”), under the symbol “CWSFF”.
The Company’s strategic intent is to become one of the leading environmental waste-to-energy technology companies by utilizing its environmentally friendly and economically sustainable technology. Cielo has a patented process that can convert waste feedstocks including plastics, rubber, organics and wood-derived waste into fuel. Cielo’s business model is to source raw materials from industrial producers and other suppliers and convert the raw materials into fuels. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo plans to further upgrade its Aldersyde facility and build additional facilities that will convert waste into energy fuels including diesel, naphtha and kerosene. . Cielo distillate diesel could be used in diesel engines. Kerosene could be suitable for jet fuel for aviation or the navy, and naphtha could be used to help transport heavy oil. Cielo’s goal is to generate value by converting waste into fuel while ridding the world of unwanted and problematic waste.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press 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 current or historical facts are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “may”, “believe”, “plan”, “intend”, “objective”, “continuing”, “in progress”, “estimate”, “prospect”, “expect”, “may”, “will”, “plan”, “should” or similar words, including their negative forms, suggesting future results.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which may cause actual results, level of activity, performance or the Company’s achievements are materially different. of those expressed or implied by such forward-looking statements. Cielo makes forward-looking statements regarding, but not limited to: the term and maturity date of the loan, the use of proceeds from the exercise of the bonus warrants to repay the loan balance and the continued support of FCF. Investors should continue to review and consider information disseminated through press 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 the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or expected.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are described here. These forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the actual performance and results of the Company to differ materially from the projections of future performance or results expressed or implied by these forward-looking statements. All forward-looking statements are made as of the date hereof and, except as required by law, the Company undertakes no obligation to publicly update or revise such statements to reflect new information, whether subsequent or not. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB nor WKN has reviewed the contents of this press release.
THE SOURCE: Cielo Waste Solutions Corp.
See the source version on accesswire.com: