/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, July 20,
2022 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Corporation") (TSXV: KLX) is pleased to
announce that, further to its press releases dated November 26, 2021, February 28, 2022, June 3,
2022, June 9, 2022 and
June 29, 2022, it has received
approval from the TSX Venture Exchange (the "TSXV") for its
listing to be "reactivated" under the Policies of the TSXV and
transferred from the NEX Board of the TSXV ("NEX") to the
TSXV, with its common shares ("Common Shares") to resume
trading on July 20, 2022 under the
symbol "KLX" (the "Reactivation").
Reactivation
The Reactivation is being completed in connection with the
previously announced closing of the Corporation's "Change of
Business" transaction (the "COB"), as such term is defined
in Policy 5.2 of the TSXV. As a result of closing of the COB,
Klimat X acquired: (i) approximately 65% of the shares of Pomeroon
Trading (Holdings) Ltd., a private vertically integrated
agriculture company operating in Guyana; (ii) an assignment from Rewilding
Maforki Ltd. of 51% of the carbon credits and timber revenues to be
generated in connection with its Maforki Project in Sierra Leone; and (iii) an assignment from
Compania Mexicana de Captacion de Carbono of all of its rights and
interests to develop and market carbon credits under its existing
contract with the Government of the State
of Yucatan in Mexico.
"We are pleased to bring to the Canadian public markets our
carbon exploration and development company with a global reach into
jurisdictions with the highest production potential from forestry
and marine carbon sequestration projects." - Dr. James Tansey, Chief Executive Officer
Updated regarding Shares for Debt Transaction
The Corporation wishes to provide a correction with respect to
its press release dated June 29, 2022
regarding its previously announced shares for debt transactions,
which settled certain outstanding accounts payable in a revised
aggregate amount of CAD$363,415 owing
to certain consultants of Klimat X through the issuance of 807,588
Common Shares, at a deemed price of CAD$0.45 per Common Share.
Update regarding Escrow Matters
Further to the Corporation's press release dated June 29, 2022, the Corporation confirms that an
additional 1,500,000 Common Shares have been added to the TSXV Tier
1 Value Escrow Agreement, such that an aggregate of 2,507,740
Common Shares held by Principals of Klimat X are now held under the
TSXV Tier 1 Value Escrow Agreement in accordance with TSXV policies
and with Odyssey Trust Company acting as escrow agent. An updated
version of the TSXV Tier 1 Value Escrow Agreement can be found
under Klimat X's profile on SEDAR at www.sedar.com.
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 the current market and the rapidly growing demand for
carbon credits in global voluntary and regulated markets. The
Corporation 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 land owners and governments in
various suitable jurisdictions around the world.
Reader Advisory
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to prepared in
connection with the COB, any information released or received with
respect to the COB may not be accurate or complete and should not
be relied upon. Trading in the securities of Klimat X should be
considered highly speculative. The TSXV has in no way passed upon
the merits of the COB and has neither approved nor disapproved the
contents of this news release.
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 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 date for
the resumption of trading of the Common Shares on the TSXV and the
ongoing business of the Corporation. 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 the resumption of trading of Common Shares
and the timely receipt of all required TSXV, third-party and
regulatory approvals and exemptions (as applicable). 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, REQUIRED BY APPLICABLE CANADIAN LAWS, IS
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT
BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
This news 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.