/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Dec. 21,
2022 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Corporation") (TSXV: KLX) a company in
the business of developing validated and verified carbon credits
from its own nature based solutions for sale into international
voluntary carbon markets, is very pleased to provide a company
update and to provide access to the recording of a webinar hosted
by Trayport (a TMX company) entitled, The Future of the Carbon
Credit Economy. "Klimat X enjoyed an extremely positive
trajectory from our listing in July, 2022 and we are excited about
our prospects as we look ahead to 2023 states CEO, Dr. James Tansey. He continues, 'without the
continued support from our stakeholders, the consistent hard work
from our team, and the cooperative nature of our partnerships, none
of this would have been possible."
Klimat X currently has carbon credit projects underway in
Sierra Leone, Guyana and the State
of Yucatan in Mexico, and
is actively developing projects in other key jurisdictions. These
projects could produce up to 28 million tonnes of credits over
their lifespan. The company is actively engaging with large final
buyers of carbon credits, including trading houses and large final
buyers, to secure co-investments and pre-purchase agreements with
the goal of fully de-risking project development. Details of the
underlying projects are fully disclosed in the company's filing
statement including:
- Entered into a carbon credit streaming agreement dated
15th August, 2022 to acquire carbon
credit development rights for approximately 42,000 hectares of land
located in Sierra Leone from
Forest and Mangrove Protection Ltd. These projects include both
mangrove restoration projects and a reforestation project.
- Klimat X receives feasibility study from Ecosecurities
confirming scope of Sierra Leone
project with near term goal of securing land and carbon rights for
a total an initial 25,000 hectares.
- Accelerated activity in the State of
Yucatan, Mexico project which includes restoration of up to
40,000 hectares of degraded mangrove with local partners Compañía
Mexicana de Captación de Carbono (CMCC). Klimat X was also pleased
to announce that it was the corporate sponsor of the 2nd Mangrove
Congress of America.
- Silvestrum Climate Associates have completed a feasibility
report confirming that there is significant potential in the
State of Yucatan for restoration
projects, working with local scientists with an established track
record in project development.
- In November, Klimat X completed its first phase of planting in
25,000 hectare carbon credit generating reforestation project in
Sierra Leone.
The company participated in a recorded webinar organized by
Trayport, a TMX company, to provide brokers and investors with an
overview of the company's approach in a rapidly growing market.
CEO, James Tansey, was the main
speaker on carbon credits markets.
In October, Klimat X welcomed Mr. Akinjide, a Partner and
Co-Leader of the Global Energy and Climate Group in the
London office of the law firm
Fasken to the company's board of directors.
Dr Tansey commented 'Despite the headwinds in the global economy
in 2022, we have continued to see very strong demand for carbon
credits. Companies in the energy sector are recognizing record
profits as a result of the dramatic increase in oil and gas prices.
This means they are committed to continue down the path of meeting
their net zero commitments; indeed, many stakeholders expect them
to accelerate these efforts. As one of the only listed upstream
owners and operators of carbon credit projects, we are uniquely
positioned to generate carbon credits at scale and to sell them
directly to the biggest buyers'
Grant of Stock Options
Klimat X has granted an aggregate of 250,000 incentive stock
options ("Options") to purchase common shares of the
Corporation ("Common Shares") to Matt Roma pursuant to the Corporation's equity
incentive plan. The Options are exercisable at a price of
$0.20 per Common Share and have an
expiry date of five years from the date of the grant, being
December 20, 2022.
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
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 Klimat X's
ability attract and retain a new Chief Financial Officer. 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.
