Malaysia-based Radiance, an Investment Holding Company, has Earmarked up to C$20,000,000 of Buy-side Liquidity
Calgary, Canada – May 11, 2022 / CNW / – DeepMarkit Corp., (“DeepMarkit” or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs”), is pleased to announce that it has signed a buy-side liquidity support agreement (the “Agreement”) with Malaysian investment holding company and private equity firm, Radiance Assets Berhad (“Radiance”). Pursuant to the Agreement, Radiance has agreed to use its best efforts over a two-year term to purchase up to C$20,000,000 worth of NFTs or other secure tokens minted on the Company’s proprietary MintCarbon.io platform (the “Platform”).
Under the terms of the Agreement, Radiance has agreed to maintain, in readily available funds, a minimum of C$5,000,000 towards the purchase of carbon credits that have been minted into NFTs or other secure tokens via the Platform. DeepMarkit is of the opinion that the Agreement will help to benefit customers of the Platform who hold carbon credit NFTs by enhancing liquidity and improving price discovery. The Company further expects that the resulting liquidity will accelerate continued onboarding of NFTs or other secure tokens to its MintCarbon.io platform, as well as attract blue-chip clientele and industry partnership opportunities.
Based in Malaysia, Radiance is a diverse investment holding company with a focus on innovative and technologically driven businesses in the areas of Cleantech, Meditech and Fintech. Radiance also has a focus on the environment and solutions that better peoples' lives. Radiance has several classes of funds including a new Agritech fund being launched with an asset value of USD 250 million. As previously announced, Radiance is currently a shareholder of DeepMarkit via recent private placements.
This Agreement follows DeepMarkit’s prior announcement under which Radiance has agreed to introduce carbon credit projects for onboarding through the Platform that is being developed to mint carbon offset credits into NFTs. Any minting and royalty-based revenues earned by DeepMarkit via Radiance’s referrals will result in a sharing arrangement with Radiance. Radiance's obligation under the Agreement to purchase NFTs is subject to certain conditions, including, among other things, the availability of NFTs and the acceptability, for investment purposes, of the carbon credits and associated projects underlying the NFTs. Any purchase by Radiance will be completed by arrangement between Radiance and the applicable NFT holder.
“We are excited to enter into this Agreement with Radiance and evolve our relationship further. We value the support that Radiance is providing for our platform via the onboarding of projects and investment in resulting NFTs, which we feel will ultimately benefit NFT holders and project originators around the world,” stated Ranjeet Sundher, Interim CEO of DeepMarkit. “This is a formative period for DeepMarkit and our MintCarbon.io platform so we truly appreciate that Radiance continues to champion our growing business,” added Mr. Sundher.
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into NFTs. Its common shares are listed on the TSX Venture Exchange under the “MKT” stock symbol. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (“FCC”), is a software infrastructure company operating in the tokenization vertical of the blockchain. FCC's primary asset, MintCarbon.io, is a web-based, software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard). MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in the near future.
On behalf of:
Ranjeet Sundher, Interim CEO
For more information, please contact:
Ranjeet Sundher, Interim CEO
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 news release.
Statements in this news release may contain forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the ability of Radiance to complete its obligations under the Agreement, the availability of NFTs for purchase by Radiance (implied or explicitly stated), and the completion of purchase transactions amounting to the full commitment amount, or any part of it, by Radiance, and statements relating to the Company's business and corporate plans. 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 DeepMarkit, including, without limitation, the risk that Radiance will be unable to purchase NFTs acceptable for its portfolio companies, or the inability of Radiance to complete any NFT purchase transactions. Various factors can cause the actual results to differ materially from those in forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this news release and DeepMarkit 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 required by securities law.
SOURCE: DEEPMARKIT CORP.