· Definitive agreement reached to formalize a carbon creditssourcing arrangement with Malaysia-based asset manager
· Radiance Asset Berhad has agreed to introduce select carboncredit project owners to DeepMarkit for minting of carbon credits using theMintCarbon.io platform
· Project owners holding carbon credits to benefit fromenhanced liquidity, security and exposure to purchasers around the world
Calgary, Canada – April 12, 2022 / CNW / – DeepMarkit Corp., ("DeepMarkit or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on democratizing access to the voluntary carbon offset market by minting credits into non-fungible tokens ("NFTs"), is pleased to announce that it has advanced its previously announced letter of intent ("LOI") with Radiance Assets Berhad ("Radiance") to a binding definitive agreement (the "Definitive Agreement"). 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.
The Definitive Agreement between DeepMarkit and Radiance is an arrangement under which Radiance will introduce carbon credit projects for onboarding through DeepMarkit’s MintCarbon.io platform which 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 percentage-based sharing arrangement with Radiance. The fees payable to Radiance under the Definitive Agreement shall be payable in cash, common shares of DeepMarkit ("Common Shares"), or a combination thereof, at the sole discretion of DeepMarkit, and subject, where applicable, to TSX Venture Exchange ("TSXV") approval and applicable securities laws for any given payment made in Common Shares. In the event DeepMarkit elects to make any payment or portion thereof in Common Shares, the applicable price at which such Common Shares shall be deemed to be issued shall be the greater of (i) the Discounted Market Price, and (ii) the volume-weighted average price of the Common Shares trading on the TSXV for the ten (10) trading days prior to the effective date of such payment, subject to a pricing floor equal to CAD 0.82. Payment in Common Shares is subject to TSXV approval, and in the event DeepMarkit elects to make a payment to Radiance in Common Shares that would result in Radiance holding greater than 20% of the issued and outstanding Common Shares of DeepMarkit at any time, DeepMarkit will be required to obtain specific TSXV approval for Radiance to become a "Control Person", which will require approval from DeepMarkit's shareholders in accordance with TSXV policies. The completion of any transaction with a carbon credit project introduced to DeepMarkit by Radiance is subject to the entering into of an agreement among DeepMarkit and the customer, and DeepMarkit's ability to complete the minting transaction in accordance with applicable regulations.
“We are pleased to have finalized the Definitive Agreement with Radiance so quickly and believe that it will act as a major building block for DeepMarkit and its MintCarbon.io platform. Radiance’s confidence in MintCarbon.io further validates our thesis that utilizing blockchain technology is the best pathway to accessibility, transparency and the international achievement of carbon neutrality,” stated Ranjeet Sundher, Interim CEO of DeepMarkit. “Radiance’s introduction of new users and their carbon projects is also expected to bring significant transaction volume to our platform. We are grateful to have Radiance as a shareholder and collaborator and are looking forward to working with them to expand our global presence,” added Mr. Sundher.
"Radiance has the business connections and financial capacity to support DeepMarkit in the execution of its corporate goals. Our recent investment in DeepMarkit and the execution of this agreement are a testament to our belief in the company and the sector," commented Jamie Stevenson, CEO of Radiance.
The MintCarbon.io platform creates NFTs that are deposited into the originator’s blockchain wallet, whereby the NFT or Token will become a traceable, liquid asset capable of being listed for trading on nearly any decentralized exchange in the world. MintCarbon.io enables anyone to access information about carbon credit based NFTs or Tokens, including a link to their respective trading platforms (e.g., OpenSea.io) through an easy-to-use interface.
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into non-fungible tokens (“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 press release may contain forward-looking information. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the Company's business and corporate plans, the ability for the Company to pay the fees owing to Radiance under the Definitive Agreement in Common Shares, and the receipt of regulatory approvals for any given payment in Common Shares, including TSXV approval. 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, failure of DeepMarkit to complete any transactions or receive any benefit under the Definitive Agreement, or failure to obtain TSXV or other required regulatory approvals. 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 press 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.