CWSFF - Cielo Announces Shares for Debt Transaction and Provides Additional Updates | Benzinga
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CALGARY, Alberta, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC, OTCQB:CWSFF) ("Cielo" or the "Company"), a waste-to-fuel environmental technology company, announces today that it has executed an agreement for the repayment of approximately $62,000.00 in debt by way of share issuance (the "Shares for Debt Transaction"), subject to the approval of the TSX Venture Exchange (the "Exchange").
As full and final repayment of CDN $62,307.70, the Company has agreed to issue 2,076,923 common shares at a price of $0.03 per share. The Shares for Debt Transaction is subject to the approval of the Exchange. Upon approval and issuance, the Repayment Shares will be subject to a hold period of 4 months.
SHARE CONSOLIDATION
Further to the Company's news release dated November 27, 2023, management has decided to delay the recently approved share consolidation (the "Consolidation") until the new year (calendar 2024). The Consolidation remains subject to the approval of the Exchange. An update will be provided with the effective date of the Consolidation once determined.
PATENT APPLICATION
The Company has filed a new U.S. non-provisional patent application with the U.S. Patent and Trademark Office for the Company's "Enhanced Distillate Oil Recovery from Thermal Processing and Catalytic Cracking of Biomass Slurry". This new application is a continuation of and claims priority benefits from U.S. Serial No. 17/182,167 filed on February 22, 2021, which is a continuation of U.S. Serial No. 16/899,291 filed on January 11, 2020, which is a continuation of and claims priority from U.S. Application No. ...