Radiance Assets Berhad recently completed a non-brokered private placement purchasing an additional 2,450,000 units of DeepMarkit Corp, a Canadian-based company focused on democratizing access to the voluntary carbon offset market by minting credits into non-fungible tokens ("NFTs”), for a gross amount of CAD$2,082,500 (approx. MYR7,020,338).
Following a signing of the letter of intent (“LOI”), Radiance has signed the definitive agreement with DeepMarkit under which Radiance will introduce carbon credit projects for onboarding through DeepMarkit’s MintCarbon.io platform.
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.
James Stevenson, CEO of Radiance, commented on Radiance having the business connections and 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."
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.
MintCarbon.io is expected to receive increased transaction volume as a result of any and all users referred by Radiance that mint existing credits into NFTs, and in addition, intends to facilitate Radiance's portfolio companies in pursuing carbon neutrality through the acquisition of NFTs representing thousands of tons of carbon dioxide minted via the MintCarbon.io platform.
“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,” stated Ranjeet Sundher, Interim CEO of DeepMarkit. “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.”
Radiance has extensive exposure from traditional businesses in agriculture to high-end technology solutions that incorporate artificial intelligence and advanced clean technology. Its portfolio includes a vast environmental, social and governance-based network of investments spanning forestry, hydrogen and geothermal carbon projects.
Through the arrangement, Radiance will be able to provide beneficial business avenues from its extensive and diverse exposure to numerous new carbon projects, as well as an increased level of validation in the Asian carbon offset community.
“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.