Company Name Change, Vertical Integration into Technology Enabled Project Monitoring, and Intention to Dual List on London's AIM Market
Highlights:
- 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 inWest 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
The Company intends to expand operations in
Proposed Dual Listing on AIM
The Company also announces today its intention to complete a dual listing of its shares on
Commenting on the news,
'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
On behalf of the Board of Directors
"James Tansey"
Chief Executive Officer
&
PRESIDENT
CARBON DONE RIGHT
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
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.
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