VANCOUVER, BC, April 16,
2024 /CNW/ - Carbon Done Right Developments Inc.
("Carbon Done Right" or the "Company") (TSXV: KLX) (FSE:
Q1C) a leading provider of high-quality carbon credits sourced
exclusively from afforestation and reforestation projects developed
and owned by the Company and its stakeholders, is pleased to
announce the completion of all milestones required for the fourth
disbursement under the pre-purchase agreement reached with BP
Carbon Trading Ltd announced on the 14th June, 2023.
The next milestone for a further disbursement is due within the
next four weeks.
Carbon Done Right CEO James
Tansey stated 'This fourth milestone demonstrates continued
progress with this critically important project. The restoration
sites focus on abandoned land in Sierra
Leone and provide direct income to the smallholders within
these communities and long-term revenue sharing benefits. The
project also demonstrates a model for large scale restoration of
native species that begins to reverse decades of damage to the
climate from deforestation. Restoring nature's capacity to
sequester carbon is a key strategy for reversing and preventing
climate change. The in-country team is busy preparing for the 2024
planting season where we expect to plant native tree species on up
to 2,000 ha of additional degraded land.'
- On 3 April 2024, the Company
received an enquiry from The Times newspaper regarding the
Company's West African operations and a possible media piece to be
published. The Company has been engaging with the newspaper in an
open and transparent way, providing detailed responses and context.
Some of the questions that have been posed suggest that much of the
newspaper's sourced information is inaccurate, incomplete or based
on misunderstandings of the Company's operations, which the Company
has responded to in clear and detailed terms.
- The underlying project in Sierra
Leone has been extensively reviewed by investors, the legal
team, the AIM Nominated Adviser, a UK based granting funder and
Ecosecurities. The legal status of the leases has also been
confirmed by an independent law firm in Sierra Leone.
- The landowning families are represented by Namati, an
international NGO with longstanding presence in Sierra Leone, that ensures landowners' rights
are protected during the Free, Prior and Informed Consent (FPIC)
land lease process. The Company continues its constructive
engagement with the NGOs in the area.
- The Company is also developing a new technology platform called
Treecounter, which provides unprecedented transparency and
traceability for restoration projects, connecting smallholder
farmers with a system that is designed to ensure the value created
from the sales of carbon credits is shared fairly with land owning
families.
The Company is developing the large-scale rewilding
reforestation project in Sierra
Leone over an initial area of 5,000 ha, with the aim of
extending by a further 20,000 ha. The initial project area of 5,000
ha can produce up to 1.7m tonnes of
validated and verified Verra carbon credits over 30 years. The
total pre-purchase amount will be repaid through the delivery of
validated and verified carbon credits to the pre-purchaser.
About Carbon Done Right
Carbon Done Right is an owner and operator of nature-based
carbon assets that serves the growing demand for carbon credits
from companies seeking to meet their Net Zero goals. The Company
achieves 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. The
Company's dedication to environmental stewardship and its robust
pipeline of carbon credit projects makes it a trusted partner to
the largest buyers of carbon credits in the world, in the fight
against climate change. Carbon Done Right deploys capital at risk
under various arrangements (including cooperation, assignment, and
production sharing agreements) with government engagement in
various suitable jurisdictions around the world including
Sierra Leone, Yucatan, Guyana and Suriname.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Tansey"
James Tansey
Chief Executive Officer
http://www.CarbonDoneRight.com
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 Offering
and the ongoing business of the Company. Carbon Done Right 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 Carbon Done Right including expectations and assumptions
concerning the Company and the need for additional capital by the
Company through financings, and the risk that such funds may not be
raised. 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 Carbon Done Right. 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 Carbon Done
Right 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.
