RCS - Carbon Done Right - Disbursement of Financing for Sierra Leone Project

JPMorgan Chase & CoAnnouncement

17/04/2024 08:15

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RNS Number : 9404K  Carbon Done Right Developments Inc  17 April 2024

 

 

Carbon Done Right Announces Receipt of Fourth Disbursement of Financing for
Sierra Leone Rewilding Project

 

VANCOUVER, BC, April 17, 2024 - 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 14(th) 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

 

For further information please contact:

Carbon Done Right Developments Inc.

 

James Tansey, Chief Executive Officer

Email: james.tansey@klimatx.com

http://www.CarbonDoneRight.com (http://www.CarbonDoneRight.com)

Yellow Jersey PR

Charles Goodwin            +44 (0)7747 788 221

Annabelle Wills              +44 (0)7775 194 357

carbondoneright@yellowjerseypr.com (mailto:carbondoneright@yellowjerseypr.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.

 

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