Cielo Waste Solu Stock Price, News & Analysis

Cielo Waste Solutions Corp. has successfully completed a shares for debt transaction to repay CAD $2,000,000 of a mortgage loan with First Choice Financial and KV Capital. This transaction, approved by the TSXV Venture Exchange, involved the issuance of 26,984,126 common shares at prices between $0.07 and $0.09 per share, reducing the loan principal to CAD $4,500,000. The repaid shares will be subject to a 4-month hold period expiring on January 9, 2023. Additionally, 2,000,000 Bonus Warrants will expire on or about December 7, 2022.

Cielo Waste Solutions Corp. (OTCQB:CWSFF) announced its financial results for the year ending April 30, 2022. The company reported a net loss of $14.4 million, significantly down from $39.7 million in the previous year. Total assets rose by $8.3 million to reflect investments in facilities and patents. Meanwhile, total liabilities saw a reduction of $0.7 million. A private placement of $4 million in convertible debentures and a public offering of units raising $9.775 million were also completed during the year.

Cielo Waste Solutions Corp. (CWSFF) provided an operational update regarding its waste-to-fuel facilities, particularly focusing on the Aldersyde Facility. Due to rising costs, Cielo shifted its focus towards enhancing its R&D Facility, which will serve as a model for full-scale facilities. The company achieved a 7-day steady-state production run, but plans to transition to R&D operations. Cielo also aims to test new feedstocks to optimize its technology while preparing for a live webinar on August 16, 2022, to discuss its milestones and operational overview.

Cielo Waste Solutions Corp. (CWSFF) announced a commercial lease agreement for 15 acres of its Fort Saskatchewan Property, starting August 1, 2022, for $50,000 monthly rent plus occupancy costs. The lease term is five years, with an option for the tenant to extend for another five years. This agreement is aimed at generating steady income while the company develops its R&D Facility in Aldersyde, Alberta. CEO Ryan Jackson emphasized the benefits of utilizing the property to reduce carrying costs during this phase.

Cielo Waste Solutions Corp. announced the appointment of Ryan Carruthers as Executive Vice President, Operations. With over 22 years in the oil and gas sector and a history of operational excellence, Carruthers is expected to drive project execution crucial for Cielo's goals. Ryan Jackson, Interim CEO, expressed confidence in Carruthers' expertise as vital for future success. This strategic move may enhance the company's operational capabilities in waste-to-fuel technology, contributing to its mission of sustainable waste management.

Cielo Waste Solutions Corp. closed a public offering of units, raising approximately $9.775 million. The offering included 139,642,856 units sold at $0.07 each, with an over-allotment option exercised. Each unit comprises one common share and a purchase warrant priced at $0.09 for 60 months. The funds will be used for R&D facility costs, operational expenses, and general corporate purposes. Notably, directors and officers acquired 1,485,851 units, deemed a related party transaction under MI 61-101, exempting them from formal valuation and approval requirements.

Cielo Waste Solutions Corp. announced significant management changes on June 13, 2022, including the resignations of CEO Gregg Gegunde and CLO Chris Sabat. Ryan Jackson is appointed as interim CEO, while Jasdeep K. Dhaliwal becomes interim CFO. The company has engaged Echelon Wealth Partners to explore financing options for capital projects. The Aldersyde facility has seen enhancements, but operational guidance on feed production will no longer be provided due to economic unfeasibility. The company will host a conference call on June 13, 2022, for further insights.

Cielo Waste Solutions Corp. (OTCQB: CWSFF) announced a revised capital allocation plan due to increased inflationary costs affecting its Aldersyde Phase II development, estimated to rise by 50% to about $18MM-$20MM. The company will focus on a 60-litre per hour R&D facility to gather essential data for future commercial projects, with a budget of CDN $5.5 million for the facility, anticipated to be operational by Q3 2022. Cielo aims to produce fuel from various waste materials, positioning itself for a more effective large-scale facility design amidst rising material costs.

Cielo Waste Solutions Corp. has announced the resignation of CFO Stephanie Li, with Corporate Controller Anna Cheong appointed as interim CFO. Cheong has over 15 years of experience in financial leadership within the energy sector and aims to enhance Cielo's management systems. Additionally, the company reported significant process improvements at its Aldersyde Facility. Phase-I modifications have led to better distillate quality and reduced coking, with production targets aimed for 1,000 litres per hour. The R&D Facility is set for commissioning in August 2022.