THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
Both the
Under the Private Placement, Cielo issued a total of 16,750,000 flow-through shares (the "FT Shares") at a price of
“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
As noted above, proceeds from the Private Placement will be allocated to the advancement of Cielo’s first commercial waste-to-fuels facility in Carseland, which will utilize Cielo’s Enhanced Biomass to Liquids (EBTL™) technology. The FT Shares will be renounced with an effective date no later than
As noted, certain insiders of the Company participated in the Private Placement and acquired an aggregate of 10,250,000 FT Shares. Their purchases constitute "related party transactions" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on Sections 5.5(a) and (b), and 5.7(1)(a) and (b), respectively, of MI 61-101. No new insiders were created, nor any change of control occurred, as a result of the Private Placement, and no commissions were paid.
All of the securities issued or issuable pursuant to the Private Placement are subject to a hold period expiring on
None of the securities offered in the Private Placement have been registered under the
ABOUT CIELO
For further information please contact:
Cielo Investor Relations
Phone: (403) 348-2972
Email: investors@cielows.com
RB
Email: cielo@rbmilestone.com
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. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions.
Cielo is making forward looking statements, with respect to, but not limited to: the use of proceeds and the use of the EBTL technology in the project in Carseland,
Investors should continue to review and consider information disseminated through news 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 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 involve known 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, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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