OFSTF - Carbon Streaming Announces Closing of Blue Dot Acquisition | Benzinga
TORONTO, July 03, 2024 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB:OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company") today announced that it has completed its previously announced acquisition of Blue Dot Carbon Corp. ("Blue Dot"), a private company with an equity investment in a carbon project developer and certain option rights to invest in future removals (reforestation) projects of its partners.
Pursuant to a share purchase agreement dated May 31, 2024, the number of common shares to be issued as consideration to Blue Dot shareholders was settled 30 days after announcement of the acquisition using a 30-day VWAP to calculate the number of shares, with a maximum consideration price of CAD$0.75 per share. On closing, the Company issued the shareholders of Blue Dot an aggregate of 4,559,333 common shares of the Company at a deemed consideration price of CAD$0.75 per share, representing a total purchase price of US$2.5 million.
About Carbon Streaming
Carbon Streaming aims to accelerate a net-zero future. We pioneered the use of streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to advance global climate action and additional United Nations Sustainable Development Goals. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.
The Company's focus is on projects that have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. The Company has carbon credit streams and royalties related to over 20 projects around the world, including high integrity removal and avoidance projects from nature-based, agricultural, engineered and community-based methodologies.
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