Cielo Announces Effective Date of Share Consolidation
CALGARY, Alberta, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental
technology company, announces that, further to a news release dated January 16, 2024, the Company has received approval from the TSX Venture Exchange (the "Exchange") for its 1:15
share consolidation (the "Consolidation"). The Consolidation will be effective at market open on January 29, 2024. There is no change to the Company’s name and the Company will
continue to trade under the symbol "CMC" on the Exchange.
The Company's new CUSIP will be 17178G302 and ISIN will be CA17178G3026.
As a result of the Consolidation, the number of outstanding common shares of the Company will be reduced from 1,699,540,548 to 113,302,703, subject to rounding adjustments. No fractional post-Consolidation shares will be issued, and no cash will be paid in lieu of fractional post-Consolidation common shares. In the case of fractional shares resulting from the Consolidation, fractions of a share will be rounded down to the next whole share.
The exercise or conversion price and/or the number of shares issuable with respect to any of the Company's outstanding convertible securities will be proportionately adjusted following the Consolidation, including but not limited to the Company’s warrants (the “Warrants”) trading on the Exchange under the symbol CMC.WT (which symbol will remain unchanged) and the CUSIP 17178G112 (which CUSIP will remain unchanged), to be adjusted such that 15 Warrants will be exercisable for one post-Consolidation common share of the Company for $1.35.
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Upon the Consolidation becoming effective, letters of transmittal will be sent by mail to registered shareholders of the Company for use in transmitting their share certificates to the Company’s registrar and transfer agent, Olympia Trust Company, in exchange for new certificates. Upon return of a properly completed letter of transmittal, together with pre-Consolidation certificates, new certificates will be issued at no charge to registered shareholders. Common shares held in uncertificated form by non-registered shareholders will be converted through brokerage accounts at the consolidation ratio.