April 13th, 2017, Calgary, Alberta NxGEN Global Inc. (“NxGEN”) is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with Cielo Waste Solutions Corp. ("Cielo"). Cielo is a public company with its common shares listed to trade on the Canadian Securities Exchange under the symbol “CMC” (www.cielows.com). The MOU sets out the initial terms pursuant to which NxGEN has the right to subscribe to purchase, on a best efforts basis, up to 100,000,000 common shares of Cielo (the “Financing”) at a price of $0.10 per common share for gross maximum proceeds of $10,000,000.
The proceeds of the proposed financing will be used to further develop Cielo’s proprietary renewable fuel technology as well as retrofitting an idle bio-diesel plant in High River, Alberta (the “High River Refinery”) and the purchase of the property on which the plant is situated (the “High River Property”). Cielo’s intent is to commission the High River Refinery with Cielo’s proprietary technology. In addition, the Proceeds will be used for Cielo’s general working capital.
The MOU also provides for NxGEN and Cielo to enter into a joint venture agreement (“JV Agreement”) for further construction of new refineries. The MOU sets out the initial terms of the contemplated joint venture (“JV”) between NxGEN and Cielo. If completed, Cielo will grant to NxGEN certain rights related to the building and owning of certain interests in and to refineries to be built and commissioned by Cielo. While the terms of the JV are subject to further negotiations, if the JV Agreement is concluded, it would initially provide for the funding by NxGEN of 100% of the costs to build and commission a total of five refineries, anticipated to be built on a property in Edmonton, Alberta at an anticipated cost of approximately $50,000,000, with NxGEN, or its nominee, having a 49.9% ownership of the such refineries. In addition, NxGEN would have a separate right of first refusal to finance, either on its own, or with third parties, on competitive terms, the balance of the costs to build and or commission refineries on future properties employing Cielo’s proprietary technology.
Municipal solid wastes are causing enormous environmental problems globally. Don Allan and his team have dedicated more than a decade towards advancing their innovative, proprietary, technology that converts plastics, tires, paper and wood products, as well as a multitude of other cellulose materials, into high grade renewable fuels. NxGen is looking forward to participating with Cielo in delivering this technology to the world, starting in Alberta, Canada.”commented on the transaction Mr. Dan Pacholik, CEO of NxGEN Global
About NxGEN Global Inc.
NxGEN Global is a private Canadian corporation focused on delivering innovative solutions for the energy management and services industry. NxGEN’s experienced management team is dedicated to working with technology innovators to bring disruptive solutions to market by providing smart working capital, strategic thinking, value creation and an experienced management team. www.nxgen.global
About Cielo Waste Solutions Corp.
Cielo specializes in environmentally advanced technologies focused on materials recovery, renewable fuels and landfill reduction through responsible diversion practices. By incorporating the latest material recovery technologies, Cielo is able to achieve significant diversion from landfills while creating a feedstock specifically for renewable fuels. Cielo provides solutions for responsible waste management while also providing value added opportunities.www.cielows.com
For further information please contact NxGen at 1-888-475-8884 or by email at email@example.com