Cielo Waste Solu Stock Price, News & Analysis

Cielo Waste Solutions Corp. has appointed Andrea Whyte to its Board of Directors effective September 9, 2021. Whyte, a partner at Osler, brings expertise in corporate finance and governance. Additionally, the company provided an update regarding a Management Cease Trade Order (MCTO) issued due to delays in filing annual audited financial statements. Cielo anticipates filing these documents by September 20, 2021, and is committed to satisfying alternative information guidelines during the process, ensuring no material defaults affecting shareholders.

Cielo Waste Solutions Corp. (OTCQB:CWSFF) announced that the British Columbia Securities Commission has accepted its application for a Management Cease Trade Order (MCTO) due to delays in filing audited financial statements for the year ending April 30, 2021. The MCTO, issued on August 31, 2021, restricts trading by the CEO and CFO until the filings are completed, anticipated by September 14, 2021. The public can continue trading Cielo's shares, and the company will provide biweekly updates during this period. No insolvency proceedings are currently against the company.

Cielo Waste Solutions has signed a non-binding Letter of Intent (LOI) with Kodiak Chemical Solutions to purchase Waste Derived Naphtha (WDN) from its Alberta production facilities. The agreement anticipates a profitable revenue stream driven by market-demand pricing. Cielo is also focusing on operational enhancements at its Aldersyde facility and plans to move its corporate office to downtown Calgary. The commissioning of a desulfurization process is expected by the end of September 2021. The company aims to expand its production of renewable fuels using proprietary technology.

Cielo Waste Solutions has announced the appointment of George H. Brookman and Larry Schafran to its board of directors, effective September 8, 2021, replacing Doug Mackenzie and Chris Dovbniak who are resigning. Additionally, Christopher Sabat has been appointed as Corporate Secretary and General Counsel, effective September 1, 2021. The company also disclosed a delay in filing its annual financial statements for the fiscal year ended April 30, 2021, due to the need to restate previous financial documents. An application for a Management Cease Trade Order has been made to the BC Securities Commission.

Cielo Waste Solutions has successfully acquired a 60-acre industrial site in Fort Saskatchewan, Alberta, complemented by a 31,750 square foot industrial building, for CDN$13M, offering a net savings of CDN$9M. The site, previously developed at a cost of CDN$22M, is set to expedite Cielo's future waste-to-fuel facility operations. Concurrently, the company secured a CDN$12M mortgage loan at a 6% annual interest rate to help finance the purchase. The loan includes 12 million share purchase warrants as an inducement and has received conditional approval from the TSX Venture Exchange.

Cielo Waste Solutions has successfully completed a non-brokered convertible debenture financing, securing gross proceeds of CDN$4,000,000. This financing involved the issuance of 4,000 unsecured convertible debentures, each worth CDN$1,000, convertible into common shares at $1.25 per share within a 12-month period. The funds will support engineering work for a new facility in Fort Saskatchewan, Alberta. Cielo will also pay transaction fees totaling CDN$600,000. The debentures are subject to a 4-month hold period, ending December 4, 2021.

Cielo Waste Solutions Corp. (OTCQB:CWSFF) has appointed Gregg Gegunde as Chief Operating Officer, bringing over 26 years of experience in the energy sector. His prior roles include Senior Vice President at Penn West Petroleum. Concurrently, Lionel Robins transitions to Senior Vice President of Global Development/Indigenous Relations, while Raphael Bohlmann takes on the role of Senior Vice President of Corporate Development and Investor Relations. Cielo aims to expand its innovative technology that converts waste into renewable fuels, furthering its commitment to environmental sustainability.

Cielo Waste Solutions Corp. provided an update on its Aldersyde and Edmonton facilities. Key initiatives include desulphurization at Aldersyde and achieving a production goal of 24,000 liters per day. The company has begun commissioning desulfurization equipment to lower sulfur content and is seeing increasing production of diesel from wood waste. Cielo is also progressing on its new Edmonton facility, preparing for necessary permitting and engineering setup. Management aims for ongoing revenue growth from these facilities, laying a foundation for expansion over the next 12 to 36 months.

Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CWSFF) announced final approval for its shares to list on the TSX Venture Exchange starting June 24, 2021. The trading symbol 'CMC' remains unchanged, and shareholders need not take any action for the transition from the Canadian Securities Exchange (CSE). This move is expected to be seamless, with trading on the CSE concluding on June 23, 2021. CEO Don Allan expressed gratitude to the TSXV for assisting in expediting the listing process.