Vancouver, British Columbia--(Newsfile Corp. - August 2, 2024) - Carbon Done Right (TSXV: KLX), remains committed to completing a dual listing on London's AIM Exchange, but will delay that process until market conditions in the UK and Canada improve. The Company completed a final draft of the Admission Document required to complete a London AIM Exchange listing but encountered challenges related to the timing of the UK election, concerns about the state of public markets overall and delays from the requirement that the full year 2023 financial audit be completed ahead of the listing.
While the delays represent a setback to the Company's ambitions to bring and exciting, diversified and vertically integrated carbon developer to the UK market, the team has continued to make advances at the country level including a number of milestones that will be announced in the coming weeks. Notably, the Company completed the Project Design for the flagship large scale restoration project in Sierra Leone, is working on the final validation of that project including a site visit by the validator in early August. The Company recently announced the fulfilment of the latest milestone under the pre-purchase agreement with a large corporate buyer.
The Company is seeking alternative funding at the corporate and project level to ensure it is able to continue to advance project development to the stage where pre-purchase and offtake agreements can be secured with large corporate buyers and funds. The Company continues to make strong progress during the planting season in Sierra Leone and is working diligently to expand the portfolio of projects under development.
About 'CARBON DONE RIGHT'
'CARBON DONE RIGHT' is focused on nature based solutions to climate change, and 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, '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 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. 'CARBON DONE RIGHT' draws on the experience of a senior executive team 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
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