Cielo Announces Operational Update, Grant of Options and RSUs and Executive Appointment
Vancouver, British Columbia (FSCwire) - CSE:CMC: Cielo Waste Solutions Corp. ("Cielo" or the "Company") announces an operational update, grant of options and restricted share units (“RSUs”) and executive appointment.
Don Allan, President and CEO, stated “We are progressing strongly with the start of 2018. Everyone on the team is working diligently to get our first continuous flow refinery up and operational. We are pleased to officially welcome Michael Yeung to our team as Vice President, Business Development and Capital Markets. Mr. Yeung has been working with us for the past 2 years in a consultancy capacity and we are pleased to have him join us in an executive capacity. We are excited and believe 2018 is going to be a banner year as we move into commercial production.”
Operational Update
Cielo is moving forward with the construction of our first continuous flow refinery and is pleased to advise that Cielo obtained four major pieces of equipment from a previous auction at significant discount to originally budgeted prices. While Cielo has encountered some delays, management believes that Cielo is still on track to be “on-stream” by late spring 2018 – subject to uncontrollable elements. This has resulted from: 1) the delay of long lead items by up to 8 weeks from originally anticipated delivery dates; and 2) as Cielo moves along the construction process, designs are consistently refined and require the addition of more equipment, increasing the duration of the construction process.
Executive Appointment
Cielo is also pleased to announce the appointment of Michael Yeung as Vice President, Business Development and Capital Markets. Mr. Yeung has over 15 years of capital markets and private markets experience. Mr. Yeung has experience with raising capital (either debt or equity), mergers and acquisitions, debt/equity structures, valuations, research and equity markets. Previously, he was at Second City Capital as Director of Investments and prior to that had held senior roles at various investment banks including acting as a publishing equity research analyst at various shops. Don Allan states “We believe Mr. Yeung’s experience will be an asset for the company to move to its second stage of growth.”
Options, Grants and Pricing
Cielo also announces a grant of stock options (“Options”) and a grant of RSUs in accordance with the terms and conditions of Cielo’s Fixed Stock Option Plan and its Restricted Share Unit Plan (collectively the “Plans”), respectively, both Plans most recently approved at the Company’s Annual Special and General Meeting of the shareholders, held on October 26, 2017. 4,740,000 Options and 4,750,000 RSUs were issued to certain officers, directors, employees and consultants of the Company
The Options are exercisable for a period of three years from the date of grant at a price of $0.25 per share and vest immediately. The RSUS vest at various times over a period of three years or less from the date of grant.
For more information please contact:
Cielo Waste Solutions Corp.
Don Allan, President & CEO
(403) 348-2972 Ext. 101
donallan@cielows.com
www.cielows.com