11:17 AM EDT, 03/11/2024 (MT Newswires) -- Cielo Waste Solutions Corp. ( CWSFF ) , a renewable fuel company leveraging market ready licensed technology to produce low carbon fuel from wood by-products, has closed the first tranche of its previously announced non-brokered private placement offering of unsecured convertible debenture units, at $1,000 apiece, for aggregate gross proceeds of up to $5 million.

Each unit is comprised of: (i) one unsecured convertible debenture of $1,000.00 convertible into common shares; and (ii) 2,500 detachable share purchase warrants exercisable into common shares. The minimum subscription amount is $20,000. Pursuant to the closing of Tranche 1, the company issued 560 convertible debenture units for gross proceeds of $560,000, consisting of 560 convertible debentures and 1.4 million warrants.

Net proceeds of the private placement will be used for the continued advancement of its renewable fuel projects, namely the wood byproduct to Bio-SynDiesel Project in Carseland, Alberta, and the company's railway tie to Bio-Syndiesel project in Dunmore, Alberta, general working capital and corporate growth purposes. The Carseland Project will be situated adjacent to an existing synthetic fuel facility owned and operated by Rocky Mountain Clean Fuels Inc. (RMCFI), which deploys patented technology developed by Expander Energy Inc.

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