August 21, 2024, Vancouver, British Columbia: Ostrom Climate Solutions Inc. (“Ostrom Climate” or the “Company”) (TSX-V: COO, Frankfurt: 9EAA), a carbon project developer and climate solutions company, today announced that, further to its news release of July 24, 2024, it has completed a non-brokered private placement offering for gross proceeds of $837,000 (the “Offering”) consisting of 16,740,000 common shares at a per share price of $0.05.
Two insiders of the Company participated in the Offering for aggregate cash consideration to the Company of $354,500, which constitutes a Related Party Transaction under TSX Venture Exchange Policy 5.9. The Company availed itself of the exemptions contained in section 5.5(c) of MI 61-101 (distribution of securities for cash) for an exemption from the formal valuation requirement and section 5.7(1)(b) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the securities to be distributed in the transaction, and the consideration to be received by the Company for those securities, insofar as the transaction involves interested parties does not exceed $2,500,000.
In connection with the Offering, the Company paid cash finder’s fees in the amount of $17,250 to an arm’s length finder.
The net proceeds raised from the Offering will be used by the Company for general corporate purposes. All securities issued under the Offering are subject to a hold period until December 22, 2024, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.
About Ostrom Climate Solutions Inc.
Ostrom Climate is one of North America’s leading providers of carbon project development and management services, climate solutions, and carbon credit marketing. Over the past 12 years, Ostrom Climate has validated and verified forest carbon projects globally for voluntary and regulated markets, having developed 16 million acres of forest land for conservation and monetized over 10 million carbon credits. Based out of Vancouver, B.C., Canada, the Ostrom Climate team has a global reach, has worked with over 200 organizations globally, including Fortune 500 companies, managed projects in partnership with indigenous stakeholders and has extensive on-ground experience in emerging markets.
Ostrom Climate is focused on developing high-quality carbon projects that have a positive impact on the environment, local communities and biodiversity. Ostrom Climate is publicly listed on the TSX Venture Exchange (COO) and the Frankfurt Stock Exchange (9EA).
Please visit us at www.ostromclimate.com.
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For more information regarding the Company, please contact:
Tejinder Virk
Chief Strategy Officer
Ostrom Climate Solutions Inc.
322 Water St #400, Vancouver, BC V6B 1B6, Canada
Email: tej.virk@ostromclimate.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.
Cautionary Statement Regarding Forward Looking Statements
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
