Highlights:
Name change and technology licensing and purchasing rights .
- Climate X name to change to (” CARBON DONE RIGHT”), aligning the company vision and mission with new AI technologies and simplifying the strategic focus on rainforest planting and radical transparency.
- The partnership will enable the company to unlock the full potential of existing rainforest planting projects for smallholder farmers by using proprietary technology to create high-quality, best-in-class carbon credits that deliver positive environmental and social outcomes.
- The company already has c. 57,000 hectares of forest and mangrove Sierra Leone and plans to use CQS to significantly expand its land area West Africa where 90% of the land for reforestation is owned by smallholders
- Premium prices in voluntary carbon markets are driven by trust, traceability and transparency – ‘ CARBON DONE RIGHT’ can ensure that its credits remain a premium product
- The company has entered into an operating, licensing and purchase option agreement with Carbon Done Right, a technology-based carbon quantification platform focused on supporting smallholder farmers who own land used for carbon projects.
Double listing on AIM
- The company aims for a dual listing of its shares London AIM market, which the company says will open it up to a new pool of investors and future growth financing options.
- Prior to the dual listing, the Company obtained convertible bridge financing from a number of parties for professional fees associated with the process.
- The AIM admission process is expected to be completed in early Q2 2024.
Reason and benefits of technology and company name change
The company acknowledges that confidence in voluntary carbon markets has been eroded due to the poor practices of others. This has led to low levels of transparency among carbon project managers and bad deals for developing world governments, despite the fact that they control the majority of the world’s nature-based assets.
The company believes it can lead the way for industry best practices through the use of Carbon Done Right’s proprietary remote sensing and monitoring technology, the Carbon Quantification System (CQS™). Carbon Done Right was developed by the KLX team and its AI technology is expected to significantly advance the precision, traceability and accountability of the company’s carbon credit generation process. To fully align its corporate vision and mission with the new technology and simplified strategic focus and radical transparency, the company believes it now makes sense to change its name to Carbon Done Right.
CQS™ tracks every tree the company plants via satellite and uses proprietary tree-level 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 that the value the company creates from the sale of carbon credits is distributed fairly to land-owning families and that farmers are paid quickly using automated payment tools.
The company’s most advanced existing projects in Sierra Leone aggregated land leases from smallholder farmers who own unproductive, degraded land and undertake large-scale restoration projects to plant a broad mix of native tree species. Land leases are secured under independently audited free and prior informed consent rules. The company has so far planted 1,400 ha of forest and 14 ha of mangrove and has entered into a previously announced pre-purchase agreement with BP Carbon Trading to plant a minimum of 5,000 ha, which is expected to generate up to 1.9 million tonnes of carbon credits. over 30 years.
The company plans to expand its operations in Sierra Leone from the 57,000 hectares secured so far, to at least 100,000 hectares, and will transfer the same model to other countries around the world. Africa starting inside Ghana And Liberia . About half of all land is suitable for restoration Africa is owned by small farmers.
Proposed dual listing on AIM
The company also today announces its intention to complete a dual listing of its shares London AIM market. The Board of Directors believes that AIM will provide the Company with access to a new, large pool of institutional and retail investors, providing future growth financing options and complementing its existing listing on TSX-V. Prior to the dual listing, the Company secured a convertible bridge financing of $300,000 of a number of parties. The company has appointed advisors and expects the admissions process to be completed by early Q2 2024. Further updates will be provided in due course.
In response to the news, James Tansey said CEO : “We are committed to providing quality, transparent carbon credits and simplifying the offset purchasing process. The incorporation of patented technology will see us become a vertically integrated company active in nature-based projects, reflecting our mission to provide our buyers with extraordinary levels of trust and traceability along all aspects of the carbon offset supply chain and living by our name Carbon Done Right . This is an exciting moment for the company and, combined with our AIM dual-listing plans, we look forward to being updated on further progress soon.”
Kevin Godlington Chairman (nominated), noted: ” Carbon Done Right’s unique Carbon Quantification System™ will provide unprecedented insights into forest change and carbon sequestration at the individual tree level. We are excited to change our name to reflect technology while aligning our business mission with the values of innovation and transparency. We are pleased to soon be able to integrate this technology into our flagship projects West Africa and deliver greater benefits to small landowners and their communities.”
About ‘ CARBON WELL DONE’
‘ CARBON DONE RIGHT’ is a rainforest planting technology company developing validated and verified carbon credits from the afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale on international voluntary carbon markets. Unlike 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 plans to achieve this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance greenhouse gas sequestration or restored from degraded status to fully productive ecosystems . ‘ CARBON DONE RIGHT’ will build on the experience of a senior executive team and board providing access to key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. ‘ CARBON DONE RIGHT’ intends to deploy venture capital under various arrangements (including partnership, allocation and production sharing agreements) with major landowners and governments in various appropriate jurisdictions around the world.
The company also announces that it intends to use a total of €45,234.47 of the debts owed to a specific corporate creditor by issuing 301,563 ordinary shares at an assumed issue price of €0.15 per part. The indebtedness relates to professional services provided to the Company. The company decided to pay down its debt with common stock to preserve cash for working capital. The ordinary shares will be issued simultaneously with this announcement. All ordinary shares issued to satisfy indebtedness are subject to a holding period of four months from the date of issuance.
On behalf of the Board of Directors
“James Tansey”
James Tansey
Director
&
Kevin Godlington
PRESIDENT
CARBON WELL DONE
Cautionary Statement 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 in this press release that are not statements of historical fact may be deemed forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate” , “will”, “intends” “expects” and similar expressions intended to identify forward-looking information or statements More specifically and without limitation, this press release contains forward-looking statements and information regarding the Company’s dual listing in Groot -Britain and the acquisition of various technology licenses and the company’s ongoing operations. Klimat of Klimat The reader is cautioned that assumptions used in preparing forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond Klimat X’s control. The reader is cautioned not to place undue reliance on any forward-looking information. Although this information was considered reasonable by management at the time of preparation, it may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements 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 expressly required by securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction.
SOURCE Climate X Developments Inc.
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