- Definitive agreement reached to formalize a carbon
credits sourcing arrangement with Malaysia-based asset manager
- Radiance Asset Berhad has agreed to introduce select
carbon credit project owners to DeepMarkit for minting of carbon
credits using the MintCarbon.io platform
- Project owners holding carbon credits to benefit from
enhanced liquidity, security and exposure to purchasers around the
world
CALGARY,
AB, April 12, 2022 /CNW/ - DeepMarkit
Corp., ("DeepMarkit or the "Company") (TSXV: MKT) (OTC: MKTDF)
(FRA: DEP), a company focused on democratizing access to the
voluntary carbon offset market by minting credits into non-fungible
tokens ("NFTs"), is pleased to announce that it has advanced
its previously announced letter of intent ("LOI") with
Radiance Assets Berhad ("Radiance") to a binding definitive
agreement (the "Definitive Agreement"). Based in
Malaysia, Radiance is a diverse
investment holding company with a focus on innovative and
technologically driven businesses in the areas of Cleantech,
Meditech and Fintech. Radiance also has a focus on the environment
and solutions that better peoples' lives. Radiance has several
classes of funds including a new Agritech fund being launched with
an asset value of USD 250 million. As
previously announced, Radiance is currently a shareholder of
DeepMarkit via recent private placements.
![DeepMarkit Corp. (TSXV: MKT, OTC: MKTDF, FRA: DEP) Logo (CNW Group/DeepMarkit Corp.) DeepMarkit Corp. (TSXV: MKT, OTC: MKTDF, FRA: DEP) Logo (CNW Group/DeepMarkit Corp.)](https://mma.prnewswire.com/media/1794852/DeepMarkit_Corp__DeepMarkit_Gains_Access_to_Global_Carbon_Credit.jpg)
The Definitive Agreement between DeepMarkit and Radiance is an
arrangement under which Radiance will introduce carbon credit
projects for onboarding through DeepMarkit's MintCarbon.io platform
which is being developed to mint carbon offset credits into NFTs.
Any minting and royalty-based revenues earned by DeepMarkit via
Radiance's referrals will result in a percentage-based sharing
arrangement with Radiance. The fees payable to Radiance under the
Definitive Agreement shall be payable in cash, common shares of
DeepMarkit ("Common Shares"), or a combination thereof, at
the sole discretion of DeepMarkit, and subject, where applicable,
to TSX Venture Exchange ("TSXV") approval and applicable
securities laws for any given payment made in Common Shares. In the
event DeepMarkit elects to make any payment or portion thereof in
Common Shares, the applicable price at which such Common Shares
shall be deemed to be issued shall be the greater of (i) the
Discounted Market Price, and (ii) the volume-weighted average price
of the Common Shares trading on the TSXV for the ten (10) trading
days prior to the effective date of such payment, subject to a
pricing floor equal to CAD 0.82.
Payment in Common Shares is subject to TSXV approval, and in the
event DeepMarkit elects to make a payment to Radiance in Common
Shares that would result in Radiance holding greater than 20% of
the issued and outstanding Common Shares of DeepMarkit at any time,
DeepMarkit will be required to obtain specific TSXV approval for
Radiance to become a "Control Person", which will require approval
from DeepMarkit's shareholders in accordance with TSXV policies.
The completion of any transaction with a carbon credit project
introduced to DeepMarkit by Radiance is subject to the entering
into of an agreement among DeepMarkit and the customer, and
DeepMarkit's ability to complete the minting transaction in
accordance with applicable regulations.
"We are pleased to have finalized the Definitive Agreement with
Radiance so quickly and believe that it will act as a major
building block for DeepMarkit and its MintCarbon.io platform.
Radiance's confidence in MintCarbon.io further validates our thesis
that utilizing blockchain technology is the best pathway to
accessibility, transparency and the international achievement of
carbon neutrality," stated Ranjeet
Sundher, Interim CEO of DeepMarkit. "Radiance's introduction
of new users and their carbon projects is also expected to bring
significant transaction volume to our platform. We are grateful to
have Radiance as a shareholder and collaborator and are looking
forward to working with them to expand our global presence," added
Mr. Sundher.
"Radiance has the business connections and financial capacity to
support DeepMarkit in the execution of its corporate goals. Our
recent investment in DeepMarkit and the execution of this agreement
are a testament to our belief in the company and the sector,"
commented Jamie Stevenson, CEO of
Radiance.
The MintCarbon.io platform creates NFTs that are deposited into
the originator's blockchain wallet, whereby the NFT or Token will
become a traceable, liquid asset capable of being listed for
trading on nearly any decentralized exchange in the world.
MintCarbon.io enables anyone to access information about carbon
credit-based NFTs or Tokens, including a link to their respective
trading platforms (e.g. OpenSea.io) through an easy-to-use
interface.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to
the voluntary carbon offset market by minting credits into
non-fungible tokens ("NFTs"). Its common shares are listed on the
TSX Venture Exchange under the "MKT" stock symbol. DeepMarkit's
wholly owned subsidiary, First Carbon Corp. ("FCC"), is a software
infrastructure company operating in the tokenization vertical of
the blockchain. FCC's primary asset, MintCarbon.io, is a web-based,
software-as-a-service platform that facilitates the minting of
carbon credits into NFTs (based on the ERC-1155 standard) or other
secure tokens (based on the ERC-20 standard). MintCarbon.io is
currently undergoing testing and FCC anticipates an official launch
of the platform in the near future.
On behalf of:
DEEPMARKIT CORP.
"Ranjeet Sundher"
Ranjeet Sundher, Interim CEO
Web: www.deepmarkit.com
Twitter: @DeepMarkit
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
CAUTIONARY STATEMENT
Statements in this press release may contain forward-looking
information. Any statements that are contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements, including statements relating to the
Company's business and corporate plans, the ability for the Company
to pay the fees owing to Radiance under the Definitive Agreement in
Common Shares, and the receipt of regulatory approvals for any
given payment in Common Shares, including TSXV approval. 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 DeepMarkit. Factors that could cause the actual results
to differ materially from those in forward-looking statements
include, but are not limited to, failure of DeepMarkit to complete
any transactions or receive any benefit under the Definitive
Agreement, or failure to obtain TSXV or other required regulatory
approvals. The reader is cautioned not to place undue reliance on
any forward-looking information.
The forward-looking statements contained in this press release
are made as of the date of this press release and DeepMarkit 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 required by
securities law.
SOURCE DeepMarkit Corp.