Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the ‘Company’ or ‘Carbon Done Right’), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, announces that it has not met the filing date for filing of the following continuous disclosure documents (collectively, the ‘Documents’):
the Company’s Annual Audited Financial Statements for the year ended December 31, 2023, as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (‘NI 51-102’);
the Company’s Management Discussion & Analysis for the year ended December 31, 2023, as required by section 5.1(2) of NI 51-102; and
certificates of the Chief Executive Officer and Chief Financial Officer of the Company relating to such audited annual financial statements as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.
The Company’s filing of the Documents has been delayed as both management and the Company’s external auditors agreed that additional information and analysis is necessary in order to complete the preparation and audit of the Company’s annual consolidated financial statements for the year ended December 31, 2023. The additional information and analysis relates to determination of the fair value related to our carbon credit streaming agreements. The Company expects to file the Documents by May 31, 2024.
Accordingly, the Company has applied to the British Columbia Securities Commission for a Management Cease Trade Order (‘MCTO’) that will prohibit the management of the Company from trading in the securities of the Company until such time as the Documents are filed. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors, other officers and other insiders of the Company from trading in securities of the Company for so long as the Documents are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company’s securities.
No decision has yet been made by the British Columbia Securities Commission on this application. The British Columbia Securities Commission may grant the application and issue the Management Cease Trade Order or it may impose an issuer cease trade order if the Documents are not filed in a timely fashion.
During the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 – Management Cease Trade Orders. Until the Company has filed the Documents, members of the Company’s management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
About Carbon Done Right
‘Carbon Done Right’ is a technology enabled rainforest planting company that 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. 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 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. Carbon Done Right draws 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. The Company deploys 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information 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 MCTO and completion of the audit of the Company’s annual financial statements. 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. 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.
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