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Cielo Press

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Cielo News Release

Cielo Undergoes Change of Business and Undertakes Private Placement
2014-03-21

SURREY, British Columbia, Canada
March 17, 2014
CSE:CMC
Cielo Waste Solutions Corp. ("Cielo" or the "Company" is pleased to announce that it is undergoing a fundamental change of business, as is described in and governed by Policy 8 (the "Policy") of the Canadian Securities Exchange (the "CSE"). Originally a gold mining company, Cielo has taken steps in changing its business to biodiesel refining. It is in the opinion of the Board of Directors of Cielo that this change of business is in the best interests of the Company and its shareholders. The Board of Directors and management of Cielo believes that it has the technology that can allow it to quickly enter the fast and growing waste industry by refining landfill municipal and commercial waste into a high quality renewable diesel. Cielo has identified opportunities throughout the world and is poised to capitalize on these and local opportunities very quickly.

The fundamental change of business is subject to shareholder approval and approval of the CSE under the Policy.

Cielo is also pleased to announce the brokered private placement offering (the "Private Placement") of a minimum of CAD $3,000,000 and a maximum of $5,000,000, subject to a 20%; over-allotment option, in secured convertible debentures (the "Convertible Debentures"), at a price of CAD $2,500 each, with a minimum subscription of $25,000. The Convertible Debentures will mature two (2) years from the date of issuance, carry an interest rate of 12%; per annum, and be convertible at the option of the holder at a price of $0.25. The Private Placement is expected to close at the end of April, 2014.

Cielo has engaged the services of Chippingham Financial Services (the "Agent") to act as agent in connection with the Private Placement on a "best efforts" basis. The Corporation shall pay to the Agent a commission comprised of (i) a cash fee equal to eight percent (8%) of the gross subscription proceeds, and (ii) broker warrants (the "Broker Warrants") entitling the Agent, upon exercise of the Broker Warrants, to purchase, in aggregate, common shares in the capital stock of Cielo equal to eight percent 8%) of securities sold pursuant to the Private Placement. Such Broker Warrants shall be exercisable at a price of $0.25 per common share. The Agent will also be entitled to receive common shares in the capital stock of Cielo with an aggregate value of $10,000 (the "Agent Shares") on or about the closing date of the Private Placement.

In compliance with applicable securities laws (i) the Convertible Debentures, the Agent Shares and the Broker Warrants will be subject to a hold period of four (4) months following the issuance thereof, and (ii) the common shares underlying the Convertible Debentures, if so converted, and Broker Warrants will be subject to a four (4) month hold period following their issuance upon exercise thereof. The Private Placement and any modifications thereto are subject to compliance with applicable securities laws and to receipt of the approval of the CSE, and the Company reserves the right to increase the size of the Private Placement or to modify the type, nature and/or price of the Convertible Debentures, or delay the anticipated closing date, for any reason.

The proceeds from the Private Placement shall be used as working capital, professional fees, repayment of a portion of indebtedness of the Company acquired in part with respect to the change of business, and primarily for the purposes of building one or more refineries in Cielo's development of the new business, beginning with a 200 litre per hour refinery.

Further information regarding the Company can be found on SEDAR at www.SEDAR.com or by visiting our profile on www.thecse.ca.

On Behalf of the Board of Directors
"Don Allan"
Chief Executive Officer
Tel: 403.348-2972 Ext. 224
Email: donallan@cielows.com