Cielo pushes back annual meeting

Cielo Waste Solutions Corp. of Calgary, Alberta, says its annual general meeting of shareholders (AGM), which was originally scheduled for Oct. 29, “has been cancelled and is being rescheduled to be held during the week of Dec. 16, [with] the final date to be set in the coming days.”

The company, which focuses on scrap wood and byproducts-to-fuel technology, says its board of directors “determined that it would be in the best interest of the company to reschedule the AGM, primarily as a result of technical difficulties.”

Cielo says it had intended to conduct its AGM in October using Microsoft Teams. The AGM to be held in December will “instead be held as an in-person meeting, which is anticipated to allow for greater efficiency and transparency and improved communication,” according to the company.

In 2021, Cielo sought investors to fund a wood-to-fuel facility to be built in or near Edmonton, Alberta. In 2023, however, it sold land in Alberta as a means of reducing its debt load.

The company’s most recent plans involve acquiring an existing enhanced gas-to-liquids (EGTL) synthetic fuel facility in Carseland, Alberta, currently owned and operated by Rocky Mountain Clean Fuels Inc. (RMCFI).

Cielo says it plans to “enhance” the EGTL facility and engage in “diversifying the inputs used to process synthetic diesel and jet fuel.” It would accomplish that in part by building a gasifier on the land adjacent to the EGTL facility.

Regarding that transaction, Cielo announced it in June and set an intended closing date of Sept. 6, 2024. This Sept. 10, however, Cielo announced that it and RMCFI had “executed an amendment to the letter of intent to provide for an additional few weeks to complete the due diligence process, to be followed by the execution of the definitive agreements and the closing of the proposed transaction.”