- Cielo Waste Solutions Corp. (CMC) has closed its public offering of units for gross proceeds of $9.775 million
- The company issued 139,642,856 units at $0.07 per unit, including the full exercise of the over-allotment option
- The company intends to use the net proceeds for capital and equipment costs relating to its R&D facility, additional research and development expenditures, expenses related to the offering, and for other general corporate purposes
- Cielo Waste Solutions Corp. (CMC) was trading steady at $0.065 as of 11:45 am ET
Cielo Waste Solutions (CMC) has closed its public offering for gross proceeds of $9.775 million, including the full exercise of the over-allotment option.
Under the terms of the offering, the company issued 139,642,856 units at $0.07 per unit, including 18,214,285 units issued under the exercise of the over-allotment option.
The company intends to use the net proceeds for capital and equipment costs relating to its R&D facility, additional research and development expenditures, expenses related to the offering, and for other general corporate purposes.
Cielo has a patented process that can convert waste feedstocks, including plastics, rubber, organic material, and wood derivative waste to fuel. Cielo’s business model is to source waste feedstocks from industrial producers and other suppliers and convert the feedstocks into fuels.
Cielo Waste Solutions Corp. (CMC) was trading steady at $0.065 as of 11:45 am ET.