July 2, 2020, Vancouver, British Columbia: NatureBank Asset Management Inc. (the “Company”) (TSX-V: COO, Frankfurt: 9EA) would like to announce that it has entered into an amending agreement (the “Amending Agreement”) dated effective May 11, 2020 (although executed after) under which the payment of certain debt (the “Remaining Debt”) totalling, as of May 11, 2020, $243,111.54 has been delayed.
The Remaining Debt represents the balance owing by the Company under the terms of a share purchase agreement (the “SPA”) dated November 7, 2012 under which the Company acquired all of the issued and outstanding shares of Offsetters Climate Solutions Inc. and Carbon Credit Corp. (collectively, the “Subsidiaries”).
Under the terms of the Amending Agreement, one-half of the Remaining Debt is to be paid on or before July 22, 2021 and the second one-half of the Remaining Debt is to be paid on or before July 22, 2022.
The Company would also like to provide an update with respect to the Management Cease Trade Order (“MCTO”), as detailed in its news release of June 13, 2020. On June 17, 2020, the Company’s principal regulator, the British Columbia Securities Commission, approved a temporary MCTO under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) which granted an extension on the Company’s filing of its annual financial statements and accompanying MD&A for the year ending December 31, 2019 (the “Annual Financial Statements”), to July 17, 2020. NP 12-203 requires the Company to provide bi-weekly updates of the status and expected timing of the filing of its Annual Financial Statements, and to confirm whether or not there has been any material information that has not been generally disclosed to the public.
The Company confirms that it continues to work to complete its filings of the Annual Financial Statements by July 17, 2020. At this time, there is no material information concerning the Company which has not been generally disclosed to the public.
NatureBank Asset Management Inc.
NatureBank specializes in advisory, technology and project investment services applied to sustainable commodities and ecological assets, with a primary focus on carbon. We provide our customers with a multidisciplinary approach to managing risk, enhancing asset performance and securing commercial returns. While managing climate change risk, we improve livelihoods and sustainability in project regions. Through our advisory services team and our subsidiary company, Offsetters, we help organizations understand, reduce and offset their climate impact. With offices in Vancouver, British Columbia; and Portland, Oregon; our team has a global reach. We have worked with over 200 leading business organizations including Aimia, Vancity, lululemon athletica, Catalyst Paper, Harbour Air, HSE – Entega, and Shell Canada Limited. NatureBank is publicly listed company on the Toronto Venture Exchange (TSX-V:COO) and in Frankfurt:9EA. Please visit us at www.NatureBank.com.
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.
Forward Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the anticipated terms of any proposed transaction or engagement. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Furthermore, the Company is presently unable to fully quantify the impact that the Covid-19 pandemic will have on its operations and recognizes that certain eventualities may affect planned or assumed performance moving forward. Negative impacts, such as limitations on our employees’ ability to travel to international project sites or our customer’s inability to perform to expectation as a result of the pandemic may result in outcomes that are different than those currently expected. As such, any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
For more information regrading the Company, please contact:
NatureBank Asset Management Inc.
Suite 300 – 948 Homer Street,
Vancouver BC, V6B 2W7