Wednesday, 05/11/2022 13:20 from kl
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The Malaysia-based investment holding company Radiance provides buy-side liquidity of up to C $ 20,000,000.
Calgary (Canada) May 11, 2022 – DeepMarkit Corp. (TSX-V: MKT, OTC: MKTDF, FSE: DEP) (“DeepMarkit” or “The Company”), a company focused on transforming the global CO2 credit market into the more accessible digital economy by offering quotas in the form of non- -fungible tokens (NFTs), are pleased to announce that they have signed a buy-side liquidity support agreement (the “Agreement”) with the Malaysian investment holding company and private equity firm Radiance Assets Berhad (Radiance). Under the terms of the agreement, Radiance has agreed to use all reasonable efforts during the two-year period to purchase up to C $ 20,000,000 of NFT or other secure tokens to be traded through the proprietary platform MintCarbon.io (the Platform). in company.
Under the terms of the agreement, Radiance will hold at least C $ 5,000,000 in immediately available funds for the purchase of CO2 credits issued through the platform in the form of NFTs or other secure tokens. DeepMarkit believes the deal will benefit the platform’s customers, who have CO2 credit NFTs, by improving liquidity and streamlining pricing. The company also expects that the resulting liquidity will accelerate the ongoing onboarding of NFTs or other secure tokens on its MintCarbon.io platform, as well as attract blue-chip customers and expand the opportunities for industrial partnerships.
Radiance is based in Malaysia and is a diversified investment holding company focusing on innovative and technology-driven companies in the cleantech, meditech and fintech sectors. Radiance also focuses on the environment and solutions that improve people’s living standards. Radiance has several classes of funds, including a new Agritech fund, which is currently launching with assets of $ 250 million. As previously announced, Radiance is a current shareholder in DeepMarkit through a recent private placement issue.
This agreement follows DeepMarkit’s prior announcement that Radiance has agreed to roll out CO2 credit projects designed to convert CO2 credits (offsets) to NFT for onboarding via the platform. The revenue generated by DeepMarkit from the embossing and royalties from Radiance referrals are subject to a participation agreement with Radiance. Radiance’s obligation to purchase NFTs under the Agreement is subject to certain conditions, including, but not limited to, the availability of the NFTs and the acceptance of the carbon credits and related projects underlying the NFTs. for investment purposes. All purchases from Radiance are made as agreed between Radiance and the relevant NFT holder.
We are very pleased to have entered into this agreement with Radiance and continue to promote our relationship. “We value the support Radiance provides to our platform by onboarding projects and investing in resulting NTFs, and believe that this will ultimately benefit NFT owners and project initiators around the world,” said Ranjeet Sundher, who is interim CEO of DeepMarkit. This is a formative phase for DeepMarkit and our MintCarbon.io platform; “So we are really grateful that Radiance is still committed to developing our business,” continued Ranjeet Sundher.
DeepMarkit Corp. is a company that focuses on democratizing access to the voluntary CO2 compensation market by shaping credits in NFTs. The company’s ordinary shares are traded on the TSX Venture Exchange under the share symbol MKT. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (FCC) is a software infrastructure company operating on the tokenization vertical of blockchain. The FCC’s main asset, MintCarbon.io, is a web-based software-as-a-service platform that enables embossing of CO2 credits in NFTs (according to the ERC-1155 standard) or other secure tokens (according to the ERC -20 standard). MintCarbon.io is currently in the testing phase and the FCC officially expects to launch the platform in the near future.
On behalf of the:
Ranjeet Sundher, interim CEO
For more information, contact:
Ranjeet Sundher, interim CEO
TSX Venture Exchange and its regulatory bodies (referred to in TSX Venture Exchange’s policies as Regulatory Service Providers) assume no responsibility for the adequacy or accuracy of this press release.
Opinions in this press release may contain forward-looking information. All statements contained in this press release that are not historical facts may be considered forward-looking statements, including statements regarding Radiance’s ability to meet its obligations under the agreement, the availability of NTFs for Radiance’s acquisition (implicitly or explicitly stated) and completion by radiating purchase transactions for all (or part) of the required amount and statements regarding the company’s business and business plans. The reader is warned that assumptions used to compile the forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ due to several known and unknown risks, uncertainties and other factors, many of which are beyond the control of DeepMarkit, including but not limited to the risk that Radiance may not be able to acquire NFTs that are acceptable to its portfolio companies; or Radiance’s inability to complete NFT purchase transactions at all. Various factors may cause the actual results to differ materially from those expected in the forward-looking statements. The reader is warned not to rely unnecessarily on forward-looking information.
The forward-looking statements contained in this press release are made on the date of this press release, and DeepMarkit assumes no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, unless: this is required by securities law.
SOURCE: DEEPMARKIT CORP.
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