/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Oct. 17,
2022 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Corporation") (TSXV: KLX) is very pleased to
announce the appointment of Abayomi
Akinjide to the Board. Mr. Akinjide is a Partner and
Co-Leader of the Global Energy and Climate Group in the
London office of the law firm
Fasken. His practice is global and he is recognised as an expert on
Africa, a continent where Klimat X
is actively developing a pipeline of carbon credit projects. Mr.
Akinjide is dual qualified in England and Wales and Nigeria. In addition to his global practice,
he is an expert in Nigerian corporate and oil and gas law and has
published various legal materials in Nigeria and has spoken at seminars on matters
relating to the Nigerian legal system.
He has substantial experience in complex cross-border mergers
and acquisitions, financings, private equity transactions, drafting
commercial agreements, advising on joint ventures and many other
legal issues. He has a strong understanding of financial markets
and is a skilled negotiator, dealing with both transaction
counterparties and regulators. He has advised a
number of clients, including banks, brokers, private
equity sponsors and corporates.
"Our strategy of investing in nature-based solutions around the
world recognizes there is huge potential for reforestation and
avoided deforestation on the African continent. Abayomi is
recognized as a global expert on resource sector transactions and
his experience in Africa and with
the energy sector will be invaluable to the company. We are
privileged and honoured to welcome him to the board" - Dr.
James Tansey, Chief Executive
Officer
The Corporation also announces that Chris Colborne resigned from the board of
directors of the Corporation (the "Board"), effective as of
the date of this press release. The Corporation and Mr. Colborne
have also mutually decided to terminate Mr. Colborne's employment
relationship with the Corporation, effective as of the date of this
press release. Previously, Mr. Colborne held the position of Chief
Financial Officer with the Corporation.
The Corporation is pleased to announce it has secured the
services of Matt Roma as CFO and
Corporate Secretary. Matthew Roma is
a Charter Professional Accountant (CPA) and the CEO of RW Global
Consulting Corp., a private company providing corporate finance,
accounting and capital advisory services to private and public
companies. In this role, Mr. Roma serves as a director and/or
officer to a number of venture public companies in the natural
resource and technology sectors. Mr. Roma articled at Deloitte LLP,
where he specialized in assurance and advisory services for
publicly listed companies based both in Canada and the
United States.
The Corporation and Mr. Colborne have also mutually decided to
maintain Mr. Colborne's involvement through a consulting
relationship with the Corporation, effective as of the date of this
press release, to aid the Corporation in transition.
The Corporation would like to thank Mr. Colborne for his service
and wishes him well in his future endeavors.
Grant of Stock Options
On 14th October 2022,
Klimat X granted an aggregate of 1,550,000 incentive stock options
("Options") to purchase common shares of the Corporation
("Common Shares") to certain directors pursuant to the
Corporation's equity incentive plan. The Options are exercisable as
a price of $0.20 per Common Share and
have an expiry date of five years from the date of grant, being
14th October, 2022.
About Klimat X
Klimat X 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. 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
Corporation 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 land owners and governments in
various suitable jurisdictions around the world.
Reader Advisory
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 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 Klimat X's
ability attract and retain a new Chief Financial Officer. 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. 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, REQUIRED BY APPLICABLE CANADIAN LAWS, IS
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT
BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
This news 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.