VANCOUVER, BC, Aug. 1, 2023
/CNW/ - Klimat X Developments Inc. ("Klimat X" or the
"Company") (TSXV: KLX) a company that develops 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 completion of all milestones required for the first
disbursement of funds from the pre-purchase agreement announced
on June 15. The funds are
dedicated to tree planting from nurseries during this year's
planting season and will be received within five business days from
the Fortune 100 company that committed to the pre-purchase
contract.
The company has developed and commenced a large-scale rewilding
reforestation project as part of its growing operations in
West Africa, 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 with the delivery of the initial issuance of credits and the
balance will be available to the pre-purchaser at an index linked
price.
The Company completed 400 ha of planting since starting in 2022,
and expects to plant between 800 and 1000 ha within this 2023
planting season. This year's planting commenced in July and is
expected to proceed at a pace of 70-100 ha per week. The Company
has mapped and verified 15,000 ha of land for restoration and in
working with an NGO, Namati to complete land owner agreements under
independently observed Free and Prior Informed Consent. The Company
has grown around 250,000 seedlings in its own nurseries and has
sourced a further 375,000 seedlings from local providers with the
goal of completing the first year of planting by the end of
September.
The Company is nearing the completion of the Verra Project
Design Document (PDD) and CCB, which will be submitted for third
party validation in the coming weeks. This process confirms the
project carbon credit production to reasonable standards of
assurance.
Klimat X CEO James Tansey stated
'We have again demonstrated our ability to rapidly build our
operations in the region, responding to the growing demand from
business for high quality carbon credits. One hectare is the size
of a soccer field, so the scale of our project is very significant.
Not only are we restoring native species to the region, but we are
also providing much needed employment and training to households
that benefit directly. As we continue to make rapid progress, this
project will achieve unprecedented levels of restoration and
economic development in the country.'
About Klimat X
Klimat X 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, Klimat X 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. Klimat X 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. Klimat X 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.
ON BEHALF OF THE BOARD OF
DIRECTORS
"James Tansey"
James
Tansey
Chief Executive Officer
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
development of owned assets 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 range or risks first
described in the filing statement including but not limited to
higher attrition rates, irrigation, fire and theft.. 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.