RE:RE:Few more people toured the Cielo plantThe following is my question and the reply I received yesterday after reaching out to the Company, 2X I have emailed Cielo with questions and both times I recieived a response the same day.
"Dear sir, it deeply concerns me to see insider sales of more than 6,000,000 shares in the last 4
months (4 million of those sold just days ago). If the directors including yourself have faith in the
company and it's expected success in accomplishing desulfurization under 15 ppm with proven
continuous flow of product at 10,000 liters per hour for more than 30 days (all of this supposedly
taking place in the next few weeks) then why would insiders be selling in droves? I certainly
wouldn't be selling.
Sincerely,
BW
Good afternoon, and thank you for your email. In terms of insider transactions, you will note on the SEDI filings that the majority of insider shareholders have increased their positions over the past few months (including myself). If you look a little further back than the 4 months, you will see that Don himself (who just transacted a larger sale of shares recently) has increased his total share balance considerably from the beginning of the year to now. With the acceleration of warrants and other options, RSU’s, etc these past few months, many insiders would be selling a portion of their shares to cover tax considerations for those options, but with a net increase as a result of the trades."
Regards,
LIONEL ROBINS | Chief Operating Officer
