Cielo Announces Stock Option Grants
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CALGARY AB / ACCESSWIRE /December 30, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (“Cielo” Oder the “Company”Today, the company, which is a waste to fuel environmental technology company, announced that it had granted 17,692,308 stock options (“the “Options”), to certain directors, officers and employees. The Company’s amended 2022 10% rolling stock option program (the “Option Plan”), was approved by both the TSX Venture Exchange as well as the Company’s disinterested shareholders at its most recent Annual General Meeting on October 27, 2022.
Each Option is a right to one common share of Company stock upon vesting. It can be exercised at $0.10 for independent directors or $0.065 for officers and employees. Option granted to employees and officers other than the Chief executive officer (the “CEO”) will vest at 1/3 each on January 3, 20,23, 2024, and January 3, 2025. The vesting of Options granted to the CEO or CFO will take place on the earlier of: a. January 2, 2024; and, b. the date on which certain milestones have been met, at the Board’s discretion. This includes the completion of the Company’s research and development facility, completion of a railway tie feedstock testing trial, and completion of all process flow diagrams, and construction drawings, for the Company’s first commercial full-scale facility (the “Milestone Options”) These Milestone Options won’t vest if they aren’t achieved. All options mentioned herein expire on December 28, 2027 unless terminated or exercised earlier.
This Option grant is part of Cielo’s bonus retention plan. It also includes a cash bonus for employees, but not the CEO, CFO, or Board. It is designed to ensure strong talent, and a dedicated team, to help the Company move on to the next stage of growth, related to the design and construction of Cielo’s first commercial facility. When deciding the amount and terms of these Options, Cielo’s Board took into account various aspects of the Company as a prerevenue research-and-development company as well future potential growth and corporate actions.
CIELO
Cielo Waste Solutions Corp. was established under the Business Corporations Act (British Columbia), February 2, 2011, Cielo is a publicly traded corporation with shares that can trade on the TSX Venture Exchange (“TSXV“), on the Frankfurt Exchange (“CMC”)DAX“), as well as the OTC Venture Market (“C36”)OTCQB“, under the symbol “CWSFF.” The Company’s strategy is to be an economically sustainable waste-to fuel company while minimising the environmental impact. Cielo is the inventor of a process that can turn waste feedstocks into fuel, including organic and wood derivative waste. Cielo has demonstrated its ability produce naphtha and diesel from waste. Cielo plans to build additional processing facilities. Cielo’s goal is to create value through the conversion of waste into fuel and to support the sustainable energy transition.
Contact:
Cielo Investor Relations
Email: [email protected]
NOTE OF CAUTION REGARDING FORWARDLOOKING STATEMENTS
This news release includes forward-looking information and statements (collectively, “forward-looking messages”) as defined by applicable Canadian securities laws. Forward-looking statements include all statements that are not statements of historical or present fact. Forward-looking statements include statements that are not historical fact or statements of present or future events. These statements may be identified by using words such as “anticipate”, ‘believe”, ‘could”, ‘could”,,”plan”, intend”, “continuous”,…”estimate”,?”continuous”,…”outlook”,…, “estimate”,.”expect”,?will”,…”project”,….., and similar words.
Forward-looking statements involve both unknown and known risks, uncertainties, and other factors that could cause actual results, levels of activity, performance, or achievements to differ materially from those implied or expressed in such forward-looking statements. Cielo is making forward-looking statements about, among other things, the terms and factors of the Options.
Investors should continue to read and consider the information that is being disseminated via news releases and files by the Company on SEDAR. While the Company attempted to identify key factors that could cause actual results differ from those stated in forward-looking statements, other factors may cause results to not be as expected, estimated, or intended.
Forward-looking statements don’t guarantee future results and are subject to a variety of risks and uncertainties. Forward-looking statements involve unknown and known risks and uncertainties that may cause the Company’s actual performance and results not to match any projections of future performances or results implied or made by such forward looking statements. All forward-looking statements were made at the date given. Except as required by law the Company is not required to publicly revise these statements to reflect any new information. Neither the TSXV or its Regulation Services Provider, as that term is defined by the TSXV policies, OTCQB and WKN have reviewed the contents of this news release. They do not assume responsibility for their accuracy or adequacy.
SOURCE: Cielo Waste Solutions Corp.
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