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Vancouver, British Columbia--(Newsfile Corp. - May 31, 2024) - Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), 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, is providing a bi-weekly status update in accordance with National Policy 12-203-Management Cease Trade Orders ("NP 12-203").
As previously announced, the Company made an application for listing of its common shares on the London Stock Exchange's Alternative Investment Market (the "AIM Admission"). It is expected that the AIM Admission will be completed by June 30, 2024, subject to receipt of the necessary approvals from the LSE.
As previously announced on April 30, 2024 and further to the news release of the Company dated May 15, 2024, the Company applied for a management cease trade order ("MCTO") due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certification of annual filings (collectively, the "Filings"). The MCTO was granted by the British Columbia Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible, and in any event no later than June 30, 2024.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reporting in the form of news releases for so long as it remains in default of the above noted filing requirements.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting 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. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. 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. Carbon Done Right draws 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. The Company deploys 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.