/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION
TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Aug. 15,
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 its intention to
carry out a non-brokered private placement to raise gross proceeds
of up to C$1,000,000 consisting of
units (the "Units") offered at a price of $0.15 per Unit (the "Offering").
Each Unit will be comprised of one common share (a "Share") and
one common share purchase warrant (a "Warrant"). Each Warrant
will be exercisable at a price of $0.25 into one common share for a period of 24
months from the date of issuance. In the event that at any
time following the date that is 4 months and one day following the
closing date, the closing price of the Shares of the Company is at
or above $0.50 per Share for a period
of 5 consecutive trading days during the Warrant exercise period
(with the 5th such trading day hereafter referred to as the
"Eligible Acceleration Date"), the Warrant expiry date shall
accelerate to the date that is 60 days after the Eligible
Acceleration Date.
Building on the strength and recent success around the Company's
milestones in the expansion of the pipeline of carbon credits,
including the benefit of strong validation from buyers of those
carbon credits to support their Net Zero goals, Klimat X plans to
utilize offering proceeds for operations expansion in West Africa and Latin America, launching a tech platform for
smallholder-led restoration projects, and reinforcing general
working capital.
The Offering is subject to certain closing conditions including,
but not limited to, the receipt of all necessary approvals
including the conditional approval of the TSX Venture
Exchange.
The Company may pay finders' fees under the offering in
accordance with applicable securities laws and the policies of the
TSX Venture Exchange. The securities issued under the
Offering will be subject to a hold period under applicable
securities laws in Canada expiring
four months and one day from the closing date of the Offering.
Members of the Company's management team may participate in the
Offering including subscriptions from related parties of the
Company as defined in Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The participation of management in the Offering is
exempt from formal valuation and minority shareholder approval
requirements pursuant to exemptions contained in sections 5.5(c)
and 5.7(1)(a) of MI 61-101.
This news release does not constitute an offer to sell or
solicitation of an offer to sell any securities in the United States. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
About Klimat X
Klimat X develops equitable and validated carbon credits through
afforestation and reforestation initiatives in degraded land areas
and marine ecosystems, including mangroves. Klimat X generates long
term (30+ years) recurring revenue streams and unprecedented
returns in carbon markets by taking project development risk on
restoration and conservation projects and pre-selling directly to
large corporate buyers of carbon credits to meet their Net Zero
goals. The projects adhere to Verra protocols, including the
CCB standard, which assesses community and biodiversity benefits.
The Klimat X leadership team has developed 50 million tonnes from
over 6.5 million ha of conservation and has restored 10,000+ ha to
date. The company is publicly traded on the Toronto Venture
Exchange under the symbol "KLX".
On behalf of the Board of Directors
"James Tansey"
James
Tansey
Chief Executive Officer
Cautionary Note Regarding Forward
Looking Statements
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. 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 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 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.