Cielo Provides Update on Settlement Agreement, Shareholder Meeting and Webinar, and Units for Debt Transactions
Cielo Waste Solutions (TSXV: CMC; OTC: CWSFF) provided multiple corporate updates. The company failed to make a required C$748,208.79 payment under its Settlement Agreement with Expander Energy Inc., receiving a breach notice but continuing discussions for extension. The company's upcoming shareholder meeting on June 24, 2025, will see four incumbent directors up for re-election.
Additionally, Cielo corrected its previously announced securities for debt transactions, now planning to issue 33,523,132 Repayment Units and 5,832,180 common shares at $0.05 per unit/share to settle an increased aggregate debt of $1,967,766. The transactions require TSX Venture Exchange approval and will include a 4-month hold period.
Cielo Waste Solutions (TSXV: CMC; OTC: CWSFF) ha fornito diversi aggiornamenti aziendali. La società non è riuscita a effettuare un pagamento richiesto di C$748.208,79 previsto dall'Accordo di Transazione con Expander Energy Inc., ricevendo una comunicazione di inadempienza ma continuando le trattative per un'estensione. L'assemblea degli azionisti prevista per il 24 giugno 2025 vedrà la rielezione di quattro direttori uscenti.
Inoltre, Cielo ha corretto le precedenti comunicazioni riguardanti le operazioni di titoli per debito, pianificando ora l'emissione di 33.523.132 Unità di Rimborso e 5.832.180 azioni ordinarie al prezzo di 0,05$ per unità/azione per saldare un debito aggregato aumentato a 1.967.766$. Queste operazioni necessitano l'approvazione della TSX Venture Exchange e prevedono un periodo di blocco di 4 mesi.
Cielo Waste Solutions (TSXV: CMC; OTC: CWSFF) proporcionó varias actualizaciones corporativas. La empresa no realizó un pago requerido de C$748,208.79 según su Acuerdo de Liquidación con Expander Energy Inc., recibiendo un aviso de incumplimiento pero continuando las negociaciones para una extensión. La próxima junta de accionistas, programada para el 24 de junio de 2025, tendrá a cuatro directores actuales en reelección.
Adicionalmente, Cielo corrigió sus transacciones de valores por deuda previamente anunciadas, planeando ahora emitir 33,523,132 Unidades de Reembolso y 5,832,180 acciones comunes a $0.05 por unidad/acción para saldar una deuda agregada incrementada de $1,967,766. Estas transacciones requieren la aprobación de la TSX Venture Exchange e incluirán un período de retención de 4 meses.
Cielo Waste Solutions (TSXV: CMC; OTC: CWSFF)는 여러 기업 업데이트를 제공했습니다. 회사는 Expander Energy Inc.와의 합의 계약에 따른 필수 C$748,208.79 지불을 이행하지 못해 위반 통지를 받았지만 연장 논의를 계속하고 있습니다. 2025년 6월 24일 예정된 주주총회에서는 현직 이사 4명이 재선 후보로 나섭니다.
또한 Cielo는 이전에 발표한 부채 대체 증권 거래를 수정하여, 현재 33,523,132 상환 단위와 5,832,180 보통주를 단위/주당 $0.05에 발행하여 증가한 총 부채 $1,967,766를 상환할 계획입니다. 이 거래는 TSX 벤처 거래소의 승인을 필요로 하며 4개월 보유 기간이 포함됩니다.
Cielo Waste Solutions (TSXV : CMC ; OTC : CWSFF) a fourni plusieurs mises à jour d'entreprise. La société n'a pas effectué un paiement requis de 748 208,79 $CA dans le cadre de son accord de règlement avec Expander Energy Inc., recevant un avis de manquement mais poursuivant les discussions pour une extension. L'assemblée générale des actionnaires prévue le 24 juin 2025 verra la réélection de quatre administrateurs en poste.
De plus, Cielo a corrigé ses transactions de titres pour dettes précédemment annoncées, prévoyant désormais d'émettre 33 523 132 unités de remboursement et 5 832 180 actions ordinaires au prix de 0,05 $ par unité/action pour régler une dette globale accrue de 1 967 766 $. Ces transactions nécessitent l'approbation de la TSX Venture Exchange et incluront une période de blocage de 4 mois.
Cielo Waste Solutions (TSXV: CMC; OTC: CWSFF) gab mehrere Unternehmensupdates bekannt. Das Unternehmen versäumte eine erforderliche Zahlung von C$748.208,79 im Rahmen seiner Vergleichsvereinbarung mit Expander Energy Inc., erhielt eine Vertragsverletzungsanzeige, führt jedoch weiterhin Gespräche über eine Verlängerung. Die bevorstehende Hauptversammlung am 24. Juni 2025 sieht die Wiederwahl von vier amtierenden Direktoren vor.
Zusätzlich korrigierte Cielo seine zuvor angekündigten Wertpapier-gegen-Schulden-Transaktionen und plant nun die Ausgabe von 33.523.132 Rückzahlungseinheiten und 5.832.180 Stammaktien zu je 0,05 $ pro Einheit/Aktie zur Begleichung einer erhöhten Gesamtschuld von 1.967.766 $. Die Transaktionen bedürfen der Genehmigung der TSX Venture Exchange und beinhalten eine 4-monatige Haltefrist.
- None.
- Failed to make required C$748,208.79 payment under Settlement Agreement
- Received breach notice from Expander Energy
- Increased debt settlement amount from $1.79M to $1.97M
- Dilutive securities issuance to settle debt
CALGARY, Alberta, June 23, 2025 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV: CMC; OTC PINK: CWSFF) (“Cielo” or the “Company”) today provides an update on the Settlement Agreement, Securities for Debt Transactions, and Shareholder Meeting (each as defined below).
Settlement Agreement
Cielo had previously announced the execution of a settlement agreement (the “Settlement Agreement”) with Expander Energy Inc. (“Expander”) and certain directors, shareholders and related parties of Expander (collectively and together with Expander, the “Settlement Parties”). The Settlement Agreement provides for the effective unwinding, to the extent possible, of certain previously disclosed transactions (the “Transactions”) completed between Cielo and the applicable Settlement Parties, including Expander, pursuant to and in connection with an amended and restated asset purchase agreement dated November 8, 2023, as amended on September 16, 2024 (the “APA”). The unwinding was expected to take effect on June 13, 2025 (the “Closing Date”), subject to completion of certain closing conditions, including the payment of an aggregate amount of C
Shareholder Meeting and Webinar
As previously disclosed, Cielo’s shareholder meeting (the “Shareholder Meeting”) will be held on Tuesday, June 24, 2025. As the Company has received no advance notice of any other nominations in accordance with Cielo’s Advance Notice Policy, only the incumbent directors of the Company, being Mr. Ryan Jackson, Ms. Sheila Leggett, Mr. Peter MacKay and Mr. Larry Schafran, will be considered, and are anticipated to be elected, at the Shareholder Meeting.
Details on the Shareholder Meeting are contained in a Notice of Meeting and Management Information Circular (the “Meeting Materials”) that was mailed to shareholders of Cielo as of the record date filed on SEDAR+, and are also available on the Company’s profile on www.sedarplus.ca.
The Shareholder Meeting will be held in person at 11am Mountain Time/1 pm Eastern Time. The formal portion of the Shareholder Meeting will be followed by a presentation and question answer period in person and by webcast (the “Webinar”). Shareholders who attend the Webinar will be able to hear the formal portion of the Shareholder Meeting but will not be able to vote at or otherwise participate. Once the formal portion of the Shareholder Meeting has concluded, those who attend the Webinar may view the presentation and participate in the question-and-answer period. Those who wish to attend the Webinar may register in advance of the Shareholder Meeting using the following link: Cielo AGM Webinar
Securities for Debt Transactions
In a news release issued on May 16, 2025 (the “May 16 PR”), Cielo announced the anticipated settlement of an aggregate
The Company has also agreed to increase the Original Debt Amount to
- 33,523,132 units of the Company (each, a “Repayment Unit”, collectively the “Repayment Units”) in aggregate to the Creditors at a price of
$0.05 per Unit, to settle$1,676,167 of the Aggregate Debt Amount (the “Units for Debt Transactions”), the terms of which were described in the May 16 PR; and - 5,832,180 common shares of the Company (the “Repayment Shares”, together with the Repayment Units, collectively the “Repayment Securities”) at a price of
$0.05 per Repayment Share (the “Shares for Debt Transactions”) to two (2) Insiders of the Company (as that term is defined in the policies of the Exchange) to settle$291,609 of the Aggregate Debt Amount owing to the Insiders. No warrants will be issued to the Insiders.
The Shares for Debt Transactions with the Insiders are considered to be “related party transactions” under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Company will rely upon the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in section 5.5 (a) and 5.7(1) (a), as the fair market value of the Shares for Debt Transactions does not exceed
The Units for Debt Transactions and the Shares for Debt Transactions are subject to the approval of the Exchange. Upon approval and issuance, the Repayment Securities will be subject to a hold period of 4 months.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ABOUT CIELO
Cielo Waste Solutions Corp. is a publicly traded company focused on transforming waste materials into high-value renewable fuels. Cielo seeks to address global waste challenges while contributing to the circular economy and reducing carbon emissions. Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. Cielo is committed to helping society ‘change the fuel, not the vehicle’, which the Company believes will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”
For further information please contact:
Cielo Investor Relations
Ryan C. Jackson, CEO
Phone: (403) 348-2972
Email: investors@cielows.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 Cielo, 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. The Company is making forward-looking statements, including but not limited to, with respect to: the Settlement Agreement, including any extension to the Closing Date and related terms; the Shareholder Meeting, including the date thereof, the re-election of incumbent directors, and the Webinar; and the Securities for Debt Transactions, including the amounts and other terms of the Units for Debt Transactions and Shares for Debt Transactions, including but not limited to the number of Repayment Shares and Repayment Units to be issued, the price, and the MI 61-101 exemptions to be relied upon.
Investors should continue to review and consider information disseminated through news releases and filed by Cielo on SEDAR+. Although the Company has attempted to identify crucial 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 Cielo’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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
FAQ
What is the status of Cielo's Settlement Agreement with Expander Energy?
When is Cielo's (CWSFF) shareholder meeting scheduled for?
How many securities will Cielo issue in its debt settlement transaction?
Who are the directors up for election at Cielo's 2025 shareholder meeting?
What is the total debt amount being settled by Cielo in the Securities for Debt Transactions?
