- In 5 months the in-country team has successfully planted 400
hectares of indigenous forests on schedule and under
budget
- Total project area covers 25,000 hectares and will produce
up to 17 MM tCO2e over life-of-project
- Klimat X has secured reforestation rights to a further
37,000 hectares, for a total of 57,000 hectares in Sierra Leone
/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 29,
2022 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Corporation") (TSXV: KLX) is pleased to
announce that since July 2022 it has
completed the first 400 hectares of reforestation in the Maforki
Kingdom of Sierra Leone, on
schedule and below the original budget forecasts. Over the
lifespan of the project, this initial area alone, approximately the
size of 750 soccer fields, will produce up to 200,000 tonnes of
carbon credits and represents only a small portion of the project's
total carbon potential. Planting will significantly increase in
2023 as the project expands to 25,000 hectares as it generates
significant economic and employment benefits to local rural
communities. The company takes a world-leading approach to securing
free, prior informed consent within the planting areas, and to
economic benefit sharing.
In total, Klimat X has secured rights to almost 60,000 hectares
of reforestation in the country of Sierra
Leone. Furthermore, it is developing a large-scale programme
for protecting and restoring degraded mangrove areas along the
country's coastline covering tens of thousands of hectares. The
company also is active in the State of
Yucatan, Mexico and in Guyana and is making strong progress in new
project development across all jurisdictions.
The company is negotiating terms for large scale investment
agreements with some of the largest buyers of credits, including
global energy companies and commodity traders. Klimat X is
increasingly being recognized as one of the few public market
platforms delivering nature-based solutions at scale. The limited
supply of credits in the market is creating conditions where buyers
have a strong incentive to pre-pay for high quality tonnes and the
company's carbon credit portfolio has received significant
interest.
Dr James Tansey, CEO of Klimat X
commented 'This first phase of planting is a major achievement. We
have demonstrated that from a standing start in July, we have been
able to mobilise a team on the ground that has been able to plant a
significant area. We are excited about the continuing ramp up we
expect to deliver next year. In parallel, our approach in
Sierra Leone and other
jurisdictions is generating significant interest from large
corporations that are buying credits to meet their Net Zero goals.
Our approach, which focuses on delivering new upstream carbon
credit project to the largest buyers in the world is gaining
traction'
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
The TSXV has in no way passed upon the merits of the Acquisition
or the Project Rights Assignment Agreement 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
Acquisition 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. 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.