VANCOUVER, BC, May 10, 2023
/CNW/ - Klimat X Developments Inc. ("Klimat X" or the
"Company") (TSXV: KLX) a company that 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, is pleased to provide an update to the
milestones for the remaining quarters of 2023.
The company started the year with strong performance, announcing
a national level agreement with the Government of Suriname to
develop mangrove carbon credit project and agroforestry operations
in the country. The Company has completed two extensive rounds of
fieldwork in Suriname to identify areas for restoration within an
initial area of at least 3,000 ha that has the potential to expand
to an area many times larger. The company has completed extensive
fieldwork in Sierra Leone to
further develop mangrove restoration and conservation projects and
has initiated greenhouse gas measurement work in Yucatan to finalize the design of a mangrove
restoration project covering up to 25,000 hectares in the State of
Yuctan. As previously announced, the company has received a term
sheet for the first pre-purchase of tonnes for a minimum of 5,000
ha of rewilding reforestation in Sierra
Leone.
Looking to the balance of the year, the company anticipates it
will meet the following major milestones:
- Completion of planting of up to 1,000 ha of seedling, already
grown in local nurseries during the planting season that runs from
May to September, which will achieve a total area of up to 1,400 ha
since the company launched in 2022. The initial phase of 5,000 ha
will produce up to 1.4m tonnes over
the first 20 years and the project is expected to expand to up to
57,000 ha.
- Complete project design in Sierra
Leone for 3,000 ha mangrove conservation project and more
than 7,000 ha of mangrove restoration potential. The project is
currently under due diligence for a pre-purchase agreement, which
is expected to close in Q3, 2023 allowing for a significant ramp up
in planting and conservation efforts in Q3 and Q4, 2023.
- Complete baseline data collection and project design for
Suriname mangrove restoration project that drive changes that
significantly reduce methane emissions. Methane is up to 30 times
more potent as a greenhouse gas than carbon dioxide so the volume
of carbon credits will be significant.
- Finalization of greenhouse gas measurement for the restoration
of mangroves in Yucatan and launch
of pre-purchase bidding process for a flagship project to restore
up to 25,000 ha within 100,000 ha of mangrove reserves working in
partnership with the State Government, the Federal Government and
the national university research laboratory.
- Complete applications for non-dilutive and concessionary
finance from development banks and Development Finance Institutions
to support the growth and expansion of project capacity.
CEO, James Tansey states, 'Our
progress since the listing of the company last July has been
remarkable, as we expand project development activities within
jurisdictions where we have a strong foundation in-country we are
able to leverage local know-how and scientific expertise to secure
carbon credits at scale. The validation of our contractual approach
to project development over this last quarter will give confidence
that we are recognized as a large-scale owner operator that is able
to sell at strong prices to large final emitters.'
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
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 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 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. 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.
SOURCE KLIMAT X Developments Inc.
