Green Equity - November 22, 2024
News about stocks involved in environmental markets.
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
Portfolio - Abaxx Technologies (ABXX) has closed the first tranche of a C$2.1 million non-brokered private placement financing with a strategic investor, issuing 162,000 common shares at C$13.00 per share. The funds will support corporate and working capital needs, including operations and regulatory requirements for Abaxx Exchange and Clearing. A second tranche is anticipated to close by November 29th, 2024.
Marin Katusa has been named CEO of Carbon Streaming (NETZ.NE), effective November 25th, 2024, succeeding Interim CEO Christian Milau. A major shareholder, Katusa will forgo traditional compensation, signaling a focus on cost reduction and shareholder value. With over 20 years of experience in the resource and environmental sectors, he aims to restructure the company’s portfolio.
Electric Royalties (ELEC.V) has entered an agreement to acquire a 0.75% gross revenue royalty (GRR) on the Punitaqui copper mine in Chile for C$3.5 million. The mine, which resumed processing operations in May 2024, has multiple copper resources, key infrastructure, and near-term production potential, targeting an annual output of 19-23 million pounds of copper in concentrate. The company decided not to proceed with a previously announced copper stream on the Minera Cobre Verde Mine.
Carbon Done Right Developments (KLX.V) has shared updates on its progress and future priorities. The company has completed its third planting season for its Sierra Leone Rewilding project, covering an initial 5,000 hectares and aiming to expand to 25,000 hectares. This project is expected to produce 1.7 million tonnes of carbon credits over 30 years, with most credits pre-sold under an index-linked offtake agreement. Negotiations are advancing for a large-scale mangrove restoration project in Suriname. Fundraising and project expansion remain key priorities, with plans to announce another jurisdictional project in Q4 2024 and potentially establish an office in Abu Dhabi.