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ERA Elcora Advanced Materials Corp

0.015
0.00 (0.00%)
20 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Elcora Advanced Materials Corp TSXV:ERA TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.015 0.015 0.02 0.015 0.015 0.015 171,682 14:30:02

Offsetters Closes Sale of Interest in Mai Ndombe REDD+ Project

18/12/2013 9:47pm

Marketwired Canada


Offsetters Climate Solutions Inc. ("OCS" or the "Company") (TSX
VENTURE:COO)(FRANKFURT:9EA) is pleased to announce that its subsidiary, ERA
Ecosystem Restoration Associates Inc. ("ERA"), has completed the sale of its
interest in the Mai Ndombe Joint Venture Project (the "JV Project") to Wildlife
Works Carbon, LLC ("WWC"), as detailed in the Company's news release dated
October 31, 2013. Prior to this Agreement, ERA and Wildlife Works were 50/50
joint venture partners in the Mai Ndombe REDD+ (Reducing Emissions from
Deforestation and Degradation) project in the Democratic Republic of Congo.


The assets sold to WWC comprising the JV Project include all of ERA's shares in
its DRC subsidiary, ERA Congo SPRL, and the Company's shares of its Hawaiian
subsidiary together with all rights, title and interest in forest concession
rights, community agreements and other contracts relating to the JV Project. WWC
has remitted its first payment towards a total consideration of USD$1,800,000
under the terms of the sales agreement.


Upon closing, ERA and WWC have entered into an Emissions Rights Purchase
Agreement ("ERPA") providing ERA the right to purchase 500,000 Verified Carbon
Units ("VCUs") from WWC. This allows the Company to fulfill its existing sales
agreement between ERA and the Forest Carbon Group AG, which requires the
delivery of 500,000 VCUs from the Mai Ndombe project through the end of 2014.


"With the completion of this transaction, Offsetters has been successful in
undertaking the development, verification and monetization of one of the world's
largest forest carbon projects - a project that will continue to deliver
economic, social and environmental benefits to the people of the Mai Ndombe
region," said Dr. James Tansey, CEO of Offsetters. "Our company will continue to
develop projects to meet the demand of North American and international carbon
markets."


Filings related to this Agreement are made available on www.sedar.com.

James Tansey, Ph.D., President and CEO, Offsetters Climate Solutions Inc.

About Offsetters Climate Solutions Inc.

Offsetters is Canada's largest and most diversified carbon management solutions
company. Its team of industry leaders specializes in the origination,
development and commercialization of high-quality carbon offset projects, and
through a comprehensive offering of sustainability consultancy services
Offsetters helps organizations understand, reduce and offset their climate
impact. Based in Vancouver, Canada, Offsetters has worked with over 150 of the
world's most prestigious organizations including Aimia, Vancity, lululemon
athletica, Catalyst Paper, Harbour Air, HSE - Entega, and Shell Canada Limited.
Offsetters is publicly listed company on the Toronto Venture Exchange (TSX
VENTURE:COO) and in Frankfurt (FRANKFURT:9EA). For more information, please
visit us at www.offsetters.ca. 


NEITHER 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 RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Offsetters Climate Solutions Inc.
David Rokoss
778-945-0951
david.rokoss@offsetters.ca
www.offsetters.ca

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