CWSFF - Cielo Advances Carseland Project With Closing of Non-Brokered Private Placement of Flow-Through Shares | Benzinga
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CALGARY, Alberta, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC, OTC:CWSFF) ("Cielo" or the "Company"), an environmental technology company targeting sustainable fuel production using wood waste such as hardwood railway ties, is pleased to announce that they have secured funding for the next stage of engineering development of the Carseland Project through the closing of its previously announced non-brokered flow-through private placement (the "Private Placement").
Both the Cielo and Expander Energy Inc. ("Expander") management teams have shown further commitment to the strategic objectives of the Company by making additional investments which will allow for the advancement of engineering, permit preparation, feedstock and land acquisition at Carseland, Alberta.
Under the Private Placement, Cielo issued a total of 16,750,000 flow-through shares (the "FT Shares") at a price of $0.04 per FT Share for aggregate gross proceeds of $670,000. Each FT Share is a common share of the Company issued as a "flow-through share" (as defined in subsection 66(15) of the Income Tax Act (Canada) (the "ITA")). Certain insiders of the Company, including CEO Ryan Jackson and CFO Jasdeep K. Dhaliwal, participated in the Private Placement for a total of $410,000. In addition, Steve Kresnyak P.Eng, EVP and Chief Technology Officer of Expander, invested $200,000 under the Private Placement. Based on its terms, the Private Placement was required to be completed by the end of December 2023. Cielo anticipates pursuing another offering of flow-through shares in 2024, on terms to be determined, to support the Company's initial goal of raising up to $6.0 million in aggregate.
"Jasdeep and I are happy to invest in Cielo at this important juncture to assist in moving the key milestones forward for the Carseland Expansion project. We are confident in Cielo's acquired technology that is powered by Expander's technical expertise and are elated to invest in Cielo once again," commented Ryan Jackson, CEO of Cielo. "Since the required timeframe to complete the Private Placement was short - by the end of December 2023 - we intend to do another similar offering ...