Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF) completed its acquisition of project development assets from CDL Biofuels Ltd., a subsidiary of Canadian Discovery Ltd., according to a company statement.

The transaction involved acquiring databases, data sets, models, analytical tools, technical reviews, and intellectual property related to renewable fuels and low-carbon fuels production. Cielo paid $2.6 million through the issuance of 17.33 million common shares at $0.15 per share to CDL Biofuels.

The acquired assets will be integrated into Cielo's Nexus Platform, an internal project development framework designed to assess and advance clean fuels projects. The consideration shares are subject to a 12-month hold period from closing.

In connection with the acquisition, Kaush Rakhit was appointed to Cielo's board of directors. The company also announced its intention to appoint Robert Pockar as Chief Operating Officer and Matthew Scorah as Chief Development Officer, pending completion of employment agreements and board approval.

Cielo previously completed a strategic private placement financing with participation from CDL principals and company insiders. The transaction remains subject to final acceptance by the TSX Venture Exchange, which reviewed it as a Fundamental Acquisition under Exchange Policy 5.3.

Following the financing and acquisition, Rakhit may be considered to beneficially own approximately 12.25% of Cielo's outstanding common shares through his controlling interest in CDL and direct share purchases. Cielo has executed 24-month standstill agreements with CDL Biofuels and CDL principals regarding their shareholdings.

The company describes itself as a clean fuels infrastructure and project development company focused on converting waste-derived feedstocks into sustainable aviation fuel and other low-carbon energy products.