KLIMAT X PLANTS 400 HA IN WEST AFRICA UNDER PRE-PURCHASE AGREEMENT WITH FIRST FUND DISBURSEMENT RECEIVED
VANCOUVER, BC, Aug. 22, 2023 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) a company in 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, is pleased to announce the completion of the first 400 ha of planting under its West African rewilding programme.
The company anticipates completing a total of 1000 ha of planting this season under the agreement with a Fortune 100 company to pre-purchase carbon credits that was signed in April 2023. Planting has continued at a consistent pace since the first disbursement of funds was received in August, and Klimat X anticipates meeting the second set of milestones in time for the disbursement in Q3 2023. By the end of the planting season, it is expected that the company will have planted 1400 ha of native species over the course of 12 months, established a mangrove nursery and planted test sites for direct planting of mangroves covering 14 ha. The company remains on target to be able to plant up to 300 ha of mangroves in Q4 2023.
Mangrove and tropical forests produce 10-15 tons of carbon credits per hectare. Credits from forest and mangrove restoration projects attract a premium and have been sold at USD$15-30 per ton. A recent auction on Singapore's CIX achieved USD $27.80 per ton1.
CEO, James Tansey states, 'Klimat X is building a strong presence across West Africa and anticipates it will complete a draft Project Development Document (PDD) for mangrove restoration in Q3 of 2023, which will be a trigger for a competitive process to secure further pre-purchase and offtake commitments. He continues, 'Our team has demonstrated their ability to plant at a rapid pace, bring employment and revenue opportunities to smallholder communities across West Africa. Our commitment to quality, transparency and strong community engagement has allowed us to attract some of the largest buyers in the carbon market.'
Klimat X is in 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, Klimat X works upstream as a direct owner and operator of projects, addressing a key supply constraint 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. Klimat X will draw 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. Klimat X plans 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
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 planting, growth and potential carbon credit production from the company's West Africa projects and the ongoing business of the Company. Klimat X 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 Klimat X including expectations and assumptions concerning the Company and delivery of carbon credits under the pre-purchase agreement 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 Klimat X. 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 Klimat X 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.
Klimat X Developments Inc., James Tansey, Chief Executive Officer, Email: [email protected], http://www.klimatx.com
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