VANCOUVER, BC, Feb. 27, 2023 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) is pleased to announce it has entered into a Marketing Services Agreement (the "Agreement") with Outside the Box Capital Inc. ("Outside the Box") pursuant to which Outside the Box will provide the Company with marketing services (the "Services"). The Agreement has an initial term of six (6) months, unless terminated earlier in accordance the Agreement, and which may be extended for an additional six (6) months by agreement in writing between Outside the Box and the Company.
The Services provided by Outside the Box will include, but not be limited to, marketing services to communicate to the financial community information about the Company and to work alongside the Company's management team to interact with community members and engage investors.
As consideration for the provision of the Services, and in accordance with the terms and provisions of the Agreement, the Company will (i) pay Outside the Box a six (6) month fee of C$100,000 plus GST (and an additional C$100,000 plus GST if the Agreement is extended for another six (6) months) , (ii) grant Outside the Box 1,350,000 stock options (the "Options") The Options are exercisable at $0.10 per share for a period of two (2) years from the date of grant, and (iii) reimburse Outside the Box for pre-approved out of pocket expenses actually and properly incurred by Outside the Box in connection with the Services. The Options will vest in stages over a twelve (12) month period with 337,500 Options vesting every three months following the grant date.
Outside the Box and any of its principal are operating at arm's length from the Company and neither holds any securities of the Company nor has any interest, direct or indirect, in the Company.
The Company's engagement of Outside the Box and the issuance of the Options are subject to the acceptance of the TSX Venture Exchange.
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. 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.
Klimat X Developments Inc., James Tansey, Suite 390, 1050 Homer Street, Vancouver, British Columbia V6B 2W9, Phone: 1-604-562-4546