Carbon Streaming Corporation (Cboe CA:
NETZ)
(OTCQB:
OFSTF) (FSE:
M2Q)
(“
Carbon Streaming” or the
“
Company”) provides an update on the Rimba Raya
Project (“
Rimba Raya” or the
“
Project”). The Company has learned of two
third-party media reports that claim PT Rimba Raya Conservation
(“
PT Rimba”), the local concession holder at the
Project, has had its Forest Utilization Business License (the
“
Concession License”) revoked by
the Indonesian Government’s Ministry of Environment & Forestry
(“
MOEF”). Carbon Streaming is actively working
with InfiniteEARTH Limited and Infinite-Earth Nusantara
(collectively, “
InfiniteEARTH”), the Company’s
Rimba Raya project proponent and owner of the carbon rights, and
local Indonesian counsel to validate the claims made by the
third-party media reports. To the best knowledge of the Company,
the Concession License is held by PT Rimba Raya Conservation having
been recently renewed in November 2021.
Carbon Streaming is advised by InfiniteEARTH
that it intends to dispute any revocation of the Concession License
that would impact its carbon rights and is seeking clarification
from the MOEF as to the current status of the Concession License
and the ramifications of any such revocation, including on the
status of InfiniteEARTH as the project proponent of Rimba Raya
under the Indonesian government’s national carbon registry, Sistem
Registri Nasional Pengendalian Perubahan Iklim (the “SRN
Registry”), and any impact on their rights to both
historical and future credits as established through the
collaboration agreement with PT Rimba Raya Conservation.
To the knowledge of InfiniteEARTH, the status of
InfiniteEARTH as project proponent of the Project has not changed,
nor has the validation of the Project that InfiniteEARTH conducted
with the SRN Registry been reversed. While unable to provide
assurance regarding InfiniteEARTH’s status on the SRN Registry, the
status of the validation of the Project with the SRN Registry, or
the status of the Concession License (and any related agreements),
Carbon Streaming will continue to work closely with InfiniteEARTH
on its active engagement with its local partners, the MOEF and the
Indonesian Government to preserve the continuity of the
Project.
The Company entered into a purchase and sale
agreement dated July 30, 2021 (the “Rimba Raya
Stream”) with InfiniteEARTH in respect of the Rimba Raya
project. The Company will continue to update shareholders in
respect of further developments in respect of the Rimba Raya
project and the Rimba Raya Stream. For a comprehensive discussion
of additional risks, assumptions and uncertainties that could
further impact the Rimba Raya project and the Rimba Raya Stream,
including without limitation, other Indonesian regulatory
developments, investors are urged to review the section of the
Company’s Annual Information Form dated as of March 27, 2024
entitled “Risk Factors” a copy of which is available on SEDAR+ at
www.sedarplus.ca.
About Carbon Streaming
Carbon Streaming aims to accelerate a net-zero
future. We pioneered the use of streaming transactions, a proven
and flexible funding model, to scale high-integrity carbon credit
projects to advance global climate action and additional United
Nations Sustainable Development Goals. This approach aligns our
strategic interests with those of project partners to create
long-term relationships built on a shared commitment to
sustainability and accountability and positions us as a trusted
source for buyers seeking high-quality carbon credits.
The Company’s focus is on projects that have a
positive impact on the environment, local communities, and
biodiversity, in addition to their carbon reduction or removal
potential. The Company has carbon credit streams and royalties
related to over 20 projects around the world, including
high-integrity removal, reduction and avoidance projects from
nature-based, agricultural, engineered and community-based
methodologies.
To receive corporate updates via e-mail, please
subscribe here.
ON BEHALF OF THE COMPANY:Justin
Cochrane, President & Chief Executive Officer Tel:
647.846.7765info@carbonstreaming.com www.carbonstreaming.com
Investor
Relationsinvestors@carbonstreaming.com
Mediamedia@carbonstreaming.com
Advisories
The references to third party websites and
sources contained in this news release are provided for
informational purposes and are not to be considered statements of
the Company.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains certain
forward-looking statements and forward-looking information
(collectively, “forward-looking information”)
within the meaning of applicable securities laws. All statements,
other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future, are forward-looking
information, including, without limitation: statements with respect
to the status of the Concession License held by PT Rimba Raya
Conservation with the MOEF; statements regarding InfiniteEARTH’s
efforts to dispute the reported revocation of the Concession
License; statements regarding InfiniteEARTH’s status as the project
proponent of Rimba Raya under the SRN Registry and the status of
the Project’s validation under the SRN Registry; InfiniteEARTH’s
activities to procure satisfactory replacement arrangements for the
Concession License (and enter into any related agreements),
including the timing thereof; and statements with respect to the
filing of a notice of an event of default to InfiniteEARTH under
the Rimba Raya Stream and the legal status of the Rimba Raya
Stream.
When used in this news release, words such as
“estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”,
“intends” “should”, “could”, “may” and other similar terminology
are intended to identify such forward-looking statements. This
forward-looking information is based on the current expectations or
beliefs of the Company based on information currently available to
the Company. Forward-looking information is subject to a number of
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on, the
Company. They should not be read as a guarantee of future
performance or results, and will not necessarily be an accurate
indication of whether or not such results will be achieved. Factors
that could cause actual results or events to differ materially from
current expectations include, among other things: volatility in
prices of carbon credits and demand for carbon credits; change in
social or political views towards climate change and subsequent
changes in corporate or government policies or regulations and
associated changes in demand for carbon credits; limited operating
history for the Company’s current strategy; risks arising from
competition and future acquisition activities; concentration risk;
inaccurate estimates of growth strategy, including the ability of
the Company to source appropriate opportunities and enter into
stream, royalty or other agreements; dependence upon key
management; reputational risk; general economic, market and
business conditions and global financial conditions, including
fluctuations in interest rates, foreign exchange rates and stock
market volatility; uncertainties and ongoing market developments
surrounding the validation and verification requirements of the
voluntary and/or compliance markets; failure or timing delays for
projects to be registered, validated and ultimately developed and
for emission reductions or removals to be verified and carbon
credits issued (and other risks associated with carbon credits
standards and registries); foreign operations and political risks
including actions by governmental authorities, including changes in
or to government regulation, taxation and carbon pricing
initiatives; due diligence risks, including failure of third
parties’ reviews, reports and projections to be accurate;
dependence on project partners, operators and owners, including
failure by such counterparties to make payments or perform their
operational or other obligations to the Company in compliance with
the terms of contractual arrangements between the Company and such
counterparties; failure of projects to generate carbon credits, or
natural disasters such as flood or fire which could have a material
adverse effect on the ability of any project to generate carbon
credits; volatility in the market price of the Company’s common
shares or warrants; the effect that the issuance of additional
securities by the Company could have on the market price of the
Company’s common shares or warrants; global health crises, such as
pandemics and epidemics, including the COVID-19 pandemic; and the
other risks disclosed under the heading “Risk Factors” and
elsewhere in the Company’s Annual Information Form dated as of
March 27, 2024 filed on SEDAR+ at www.sedarplus.ca.
Any forward-looking information speaks only as
of the date of this news release. Although the Company believes
that the assumptions inherent in the forward-looking information
are reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such statements due to the inherent uncertainty therein. Except
as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking
information, whether as a result of new information, future events
or results or otherwise.
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