Cielo Announces Fiscal Q3 2024 Financial Results and Provides Update on its Progress to Fuel Renewable Change - Seite 2

Subsequent to the end of the quarter, Cielo continued to build on the momentum realized in Q3 2024 with the following achievements:

• Announced a private placement of convertible debenture units intending to raise up to $5.0 million over several tranches for the ongoing advancement of Cielo’s renewable fuel projects, closing the first tranche for gross proceeds of $560,000, primarily to be used for the advancement of the Carseland Project; and
• Confirmed its final credit facility draw, signaling an important shift in Cielo’s go-forward financing strategy to use convertible instruments versus traditional debt to better align with its current stage of development.

OUTLOOK

Through the final quarter of Cielo’s fiscal 2024 and into fiscal 2025, the Company is targeting the following milestones:

• Confirm final investment decisions for both the Carseland Project and the Dunmore Project, and continue to work towards financing the completion of construction for these two commercial facilities;
• Ongoing and proactive capital markets engagement activities, including participating in various industry and investment conferences, undertaking profile-building activities with both investors and media, as well as continuing to actively position Cielo as an upcoming leader in the waste-to-fuels industry; and
• Utilization of the Company’s R&D facility located in Aldersyde, Alberta, subject to receipt of approval from Alberta Environment and Projected Areas, to generate the data required to design and define the economics of a commercial facility using Cielo’s existing TCD technology and exploration of the possibility of integrating Cielo’s existing TCD technology with the Licensed Technologies.
  

Financial Highlights

As at
(000’s of dollars)	January 31, 2024	April 30, 2023
Total assets	59,627	29,366
Total liabilities	13,818	14,569
Total non-current liabilities	2,434	61
Working capital deficiency	(9,694)	(12,487)