RE:Selling explainedWallsfalldown wrote: A quote from Lionel in October 2020 most likely explains the sale of shares, especially given that renewable u just broke ground at the proposed Dunmore facility. @Lionel: Good morning everyone. I'm happy to address the recent share sale from one of my indirect holdings. I guess if I'm going to answer all the "easier" questions I have to stay consistent! lol. Those shares are owned through BrandU Agencies, which I am an equal partner with 2 other gentlemen in. So while I am not a controlling interest partner, there is a significant enough relationship to include those on my SEDI filings. BrandU is contracted to Cielo, to provide a host of services including (but not limited to) public relations, investor relations, government communications, IT and other digital needs, news release sourcing, etc.. We have been doing this for Cielo since December of last year. As everyone knows, Cielo is still in pre-revenue so rather than putting more cash strain on a company that needs its cash for more important things (like getting to revenue), we agreed at that time to take shares and CD's along the way until such time as Cielo could pay us for the services provided. Over the past 11 months BrandU has done all the duties required, and incurred all of the real expenses that go with it. We can't pay our staff, rent, travel, and other expenses in Cielo shares, so all partners have been carrying those expenses on personal cash for the past 10 to 11 months, with the eventual plan to sell enough of the shares traded for services, to cover off those expenses. We will always want to retain as many Cielo shares as we can, but like Cielo our companies require cash to operate so we will be forced to generate cash at intervals from our investments to get us to the finish line along with Cielo. I'd love to say I was buying a new "toy" with the money (although @wolverine a jet ski isn't very practical up here in Northern Alberta! lol), but during these economic times it's all about paying the bills. We will continue to declare share buys and sells, through BrandU, as an indirect relationship to me, and I have no problem defending the trades either way.
As I said, great post, thanks. Just one thing - could you include the source of info (conversation/meeting that this occured in)?