Company Name Change, Vertical Integration into Technology Enabled Project Monitoring, and Intention to Dual List on London's AIM Market

Company Name Change, Vertical Integration into Technology Enabled Project Monitoring, and Intention to Dual List on London's AIM Market

KLIMAT X Developments Inc. Logo (CNW Group/KLIMAT X Developments Inc.)

Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX ) (FSE: Q1C) is undertaking a transformational partnership to become the world's first listed, vertically integrated carbon project developer creating high value, technologically enabled credits.

Highlights:

Name change and technology licensing and purchase right .

  • Klimat X name to change to (" CARBON DONE RIGHT"), aligning its business vision and mission with new AI technologies and simplified strategic rainforest planting focus and radical transparency.
  • The partnership will enable the Company to unlock the full potential of existing smallholder rainforest planting projects by leveraging proprietary technology to create high value, best in class carbon credits that offer positive ecological and social outcomes
  • The Company has already secured c. 57,000 ha of forest and mangrove in Sierra Leone and intends to use CQS to significantly expand the land area in West Africa , where 90% of the of land for reforestation is owned by smallholders
  • Premium pricing in voluntary carbon markets is being driven by trust, traceability, and transparency – ' CARBON DONE RIGHT' will be able to ensure its credits remain a premium product
  • The Company has entered into an operating, licensing and purchase option agreement with Carbon Done Right, a tech-enabled, carbon quantification platform dedicated to supporting small farmers that own land used for carbon projects.

Dual listing on AIM

  • The Company is seeking a dual listing of its shares on London's AIM market, which the Company believes will open it up to a new pool of investors and future growth funding options.
  • In advance of the dual listing, the Company has secured a convertible bridge financing from a number of parties for professional fees related to the process.
  • AIM admission process is expected to conclude by early Q2 2024.

Rationale and benefits of technology and company name change

The Company recognises that confidence in the voluntary carbon markets has been eroded due to the poor practices of others. This has included low levels of transparency among carbon project managers and poor deals for governments of developing countries, despite them holding most of the world's nature-based assets.

The Company believes it can lead the way for best industry practice through the utilisation of Carbon Done Right's proprietary remote sensing and monitoring technology called the Carbon Quantification System (CQS™). Carbon Done Right has been created by the KLX team and the AI technology is expected to be a significant advancement in the precision, traceability and accountability of the Company's carbon credit generation process. To fully align its business vision and mission with the new technology and simplified strategic focus and radical transparency, the Company believes it is now logical to change its name to Carbon Done Right.

CQS™ tracks, via satellite, each tree the Company plants and uses tree level proprietary AI models that monitor the health of each tree and accurately track carbon sequestration data for farmers and customers. The technology will also connect with smallholder farmers to ensure the value the Company creates from the sales of carbon credits is shared fairly with land owning families and that farmers get paid quickly using automated payment tools.

The Company's most advanced existing projects in Sierra Leone aggregate land leases from smallholder farmers who own unproductive, degraded land and undertakes large scale restoration projects to plant a broad mix of native tree species. Land leases are secured under independently monitored Free and Prior Informed Consent rules. The Company has planted 1400 ha of forest to date and 14 ha of mangrove and has a previously announced pre-purchase agreement in place with BP Carbon Trading to plant a minimum of 5000 ha that is expected to produce up to 1.9 million tonnes of carbon credits over 30 years.

The Company intends to expand operations in Sierra Leone beyond the 57,000 ha that have been secured to date to at least 100,000 hectares and will transfer the same model to other countries across Africa , starting in Ghana and Liberia . Approximately half of all land suitable for restoration in Africa is held by smallholders.

Proposed Dual Listing on AIM

The Company also announces today its intention to complete a dual listing of its shares on London's AIM market. The Board believes that AIM will give the Company access to a new, large pool of institutional and retail investors, providing future growth funding options and complementing its existing listing on TSX-V. In advance of the dual listing, the Company has secured a convertible bridge financing of USD300k from a number of parties. The Company has appointed advisers and expects the admission process to complete by early Q2 2024. Further updates will be provided in due course.

Commenting on the news, James Tansey , CEO, said : "We are committed to providing quality, transparent carbon credits and simplifying the offset buying process. The incorporation of proprietary technology will see us become a vertically integrated business active in nature-based projects, reflecting our mission to provide our buyers extraordinary levels of trust and traceability along all aspects of the carbon offset supply chain and live by our name Carbon Done Right. This is an exciting moment for the Company and coupled with our AIM dual listing plans, we look forward to updating on further progress soon."

Kevin Godlington , President (designate), commented: " Carbon Done Right's unique Carbon Quantification System ™ is going to provide unprecedented insights into forest change and carbon capture at the individual tree level. We are delighted to change our name to reflect the technology as we align our business mission with its values of innovation and transparency. We are excited to soon be integrating this technology into our flagship projects in West Africa and deliver greater benefits to smallholder landowners and their communities."

About ' CARBON DONE RIGHT'

' CARBON DONE RIGHT' is rainforest planting tech company and carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. In contrast to streaming and royalty companies, ' CARBON DONE RIGHT' works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company intends to achieve this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. ' CARBON DONE RIGHT' will draw on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. ' CARBON DONE RIGHT' plans to deploy capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.

The company also announces that it intends to settle an aggregate of C$45,234.47 of indebtedness owed to a certain arm's length creditor through the issuance of 301,563 common shares at a deemed issuance price of C$0.15 per share. The indebtedness relates to professional services rendered to the Company. The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for working capital. The common shares will be issued concurrent with this release. All common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.

On behalf of the Board of Directors

"James Tansey"
James Tansey
Chief Executive Officer

&

Kevin Godlington
PRESIDENT
CARBON DONE RIGHT

Cautionary Note Regarding Forward Looking Statements

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements and forward-looking information (collectively " forward looking statements ") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the company's dual listing in the UK and the acquisition of various technology licenses. and the ongoing business of the Company. Klimat X cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Klimat X including expectations and assumptions concerning the Company and the risks associated with launching and operating a technology based product. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Klimat X. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and Klimat X does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

SOURCE Klimat X Developments Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/04/c3469.html

News Provided by Canada Newswire via QuoteMedia

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/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

Carbon Done Right Developments Inc. ("Carbon Done Right" or the "Company") (TSXV: KLX) (FSE: Q1C), formally Klimat X Developments Inc., a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets, is pleased to announce that is has entered into an agreement with Leede Jones Gable Inc. (the " Agent ") to act as sole agent in connection with a commercially reasonable "best efforts" private placement of up to a maximum of 43,111,000 common shares of the Company (the " Common Shares "), at a price of C$0.05 per Common Share (the " Issue Price "), for gross proceeds to the Company of approximately C$2.1 million (the " Offering "), subject to the maximum amount that may be issued under Part 5A (the " Listed Issuer Financing Exemption ") of National Instrument 45-106 Prospectus Exemptions (" NI 45-106 "). The pricing of the Offering is based on a 6.2% discount to the Volume Weighted Average Price over the prior 30 trading days. The company has calculated a six month Volume Weighted Average Price of $0.09 and $0.132 over 12 months.

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Carbon Done Right Developments Inc. (CNW Group/KLIMAT X Developments Inc.)

Carbon Done Right Developments Inc. ("Carbon Done Right" or the "Company") (TSXV: KLX) (FSE: Q1C) formally Klimat X Development Corp. a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets, is pleased to announce the Company's intention to acquire London Carbon Exchange "LCE" in an all-share transaction for the equivalent of USD450,000 issued in shares at the date of the next placing, concurrent with the dual listing of the Company on the London Stock Exchange Alternative Investment Market ("AIM"). Combined with the recently announced launch of the highly innovative Carbon Quantification System (CQS™) that provides unprecedented transparency into carbon credit transactions this will further strengthen the Company's commitment to the rapid growth of investment in large scale carbon credit restoration and conservation projects on degraded and threatened land.

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KLIMAT X Developments Inc. Logo (CNW Group/KLIMAT X Developments Inc.)

Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) (FSE: Q1C) is a leading provider of high-quality technology-enabled carbon credits sourced exclusively from conservation and reforestation carbon projects developed and owned by the Company and its stakeholders, is pleased to announce it has signed a binding Heads of Agreement with Imperative Global Projects Pte Ltd ( Imperative ) to jointly develop the large-scale mangrove restoration project in the State of Yucatan, Mexico secured and previously announced by Klimat X.

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KLIMAT X Developments Inc. Logo (CNW Group/KLIMAT X Developments Inc.)

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  • The company has completed 1,000 ha in the 2023 planting season and has submitted the Project Design Document (PDD) for final approval with an independent validation company.
  • Verra, the global registry for carbon projects released a new protocol VM0047 in September 2023 that improves the monitoring of carbon projects. While the Company could have proceeded under the old protocol, the decision was made to transition to the new protocol to ensure the highest standards of certification.
  • The Company is also developing a new technology platform called Carbon Done Right, which provides unprecedented transparency and traceability for restoration projects connecting smallholder farmers with a system that is designed to ensure the value created from the sales of carbon credits is shared fairly with land owning families.
  • All land owner agreements have been overseen by an independent party which verifies that the agreement meet the conditions of Free Prior and Informed Consent.

The company is developing a large-scale rewilding reforestation project in Sierra Leone , for an initial area of 5,000 ha, which can be extended by a further 20,000 ha. The initial project area of 5,000 ha will produce up to 1.9m tonnes of validated and verified Verra carbon credits over 30 years. The total pre-purchase amount will be repaid through the delivery of validated and verified carbon credits to the pre-purchaser.

The Company has mapped and verified almost 20,000 ha of land for restoration and is working with an NGO, Namati to ensure land owner agreements are concluded under independently observed Free and Prior Informed Consent. There are large areas of degraded land that could be restored under this same model and the Company is pursuing a mangrove restoration and conservation project covering up to 10,000 ha.

About Klimat X

Klimat X is an owner and operator of nature-based carbon assets that serves the growing demand for carbon credits from companies seeking to meet their Net Zero goals. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems.  The Company's dedication to environmental stewardship and its robust pipeline of carbon credit projects makes it a trusted partner to the largest buyers of carbon credits in the world, in the fight against climate change. Klimat X deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with government engagement in various suitable jurisdictions around the world including Sierra Leone , Yucatan , Guyana and Suriname.

On behalf of the Board of Directors

"James Tansey"
James Tansey
Chief Executive Officer

http://www.klimatx.   com

Cautionary Note Regarding Forward Looking Statements

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements and forward-looking information (collectively " forward looking statements ") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Offering and the ongoing business of the Company. Klimat X cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Klimat X including expectations and assumptions concerning the Company and the need for additional capital by the Company through financings, and the risk that such funds may not be raised. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Klimat X. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and Klimat X does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

SOURCE Klimat X Developments Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/08/c4750.html

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