Carbon Done Right Announces Receipt of Fourth Disbursement of Financing for Sierra Leone Rewilding Project
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.
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
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.
Carbon Done Right Developments Inc.: James Tansey, Chief Executive Officer, Email: [email protected]
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