IRW-PRESS: DeepMarkit Corp: DeepMarkit enters into liquidity support agreement with Radiance
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Malaysia-based investment holding company Radiance offers buy-side liquidity of up to C$20,000,000.
Calgary (Canada) May 11, 2022 – DeepMarkit Corp. (TSX-V: MKT, OTC: MKTDF, FSE: DEP) (“DeepMarkit” or “the Company”), a company focused on transforming the global carbon credit market into an accessible digital economy by offering allowances in the form of non-tokens NFTs, is pleased to announce that it has signed a buy-side liquidity support agreement (the “Agreement”) with Malaysian investment holding company and private equity firm Radiance Assets Berhad (Radiance). Under the terms of the agreement, Radiance has agreed to use all reasonable efforts over a period of two years to purchase up to C$20,000,000 in NFT or other secure tokens to be traded through the MintCarbon.io proprietary platform (the Platform).
Under the terms of the agreement, Radiance will hold a minimum of C$5,000,000 in funds immediately available to purchase carbon credits issued through the platform in the form of NFTs or other secure tokens. DeepMarkit believes that the agreement will benefit platform customers who hold carbon credit NFTs by improving liquidity and simplifying pricing. The company also expects the resulting liquidity to accelerate the ongoing setup of NFTs or other secure tokens on its MintCarbon.io platform, as well as attract premium clients and expand industry partnership opportunities.
Headquartered in Malaysia, Radiance is a diversified investment holding company focused on innovative, technology-driven companies in the clean technology, medical technology, and financial technology sectors. Radiance also focuses on the environment and solutions that improve people’s living standards. Radiance has multiple classes of funds, including the new Agritech Fund currently launched with $250 million in assets. As previously announced, Radiance is an existing shareholder of DeepMarkit through a recent private placement.
This agreement follows DeepMarkit’s prior announcement that Radiance has agreed to roll out carbon credit projects designed to transfer carbon credits (compensation) to NFT for joining across the platform. Revenue earned by DeepMarkit from minting and revenue from referrals from Radiance are subject to a partnership agreement with Radiance. Radiance’s obligation to purchase NFTs pursuant to the Agreement is subject to certain conditions, including but not limited to the availability of NFTs and acceptance of carbon credits and related projects upon which the NFTs are based for investment purposes. All purchases are made by Radiance as agreed between Radiance and the relevant NFT holder.
We are very pleased to enter into this agreement with Radiance and continue to strengthen our relationship. “We appreciate Radiance’s support to our platform by preparing projects and investing in the resulting NTFs and believe this will benefit NFT owners and project initiators around the world,” said Ranjit Sundhir, Interim CEO of DeepMarkit. This is a formative phase for DeepMarkit and our MintCarbon.io platform; “So we are really grateful that Radiance remains committed to growing our business,” Ranjit Sundhir continued.
About Deep Market
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits in NFTs. The company’s common stock is traded on the TSX Venture Exchange under the stock symbol MKT. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (FCC) is a software infrastructure company working on the blockchain vertical token sector. The main asset of the FCC, MintCarbon.io, is a web-based SaaS platform that allows carbon credits to be poured into NFTs (as per the ERC-1155 standard) or other secure tokens (as per the ERC-20 standard). MintCarbon.io is currently in the testing phase and the FCC expects to officially launch the platform in the near future.
Ranjit Sundhir, Interim CEO
For more information please contact:
Ranjit Sundhir, Interim CEO
The TSX Venture Exchange and its Regulatory Bodies (referred to in the TSX Venture Exchange Policies as Regulatory Service Providers) assume no responsibility for the adequacy or accuracy of this press release.
Statements in this press release may contain forward-looking information. All statements in this press release that are not historical facts may be considered forward-looking statements, including statements regarding Radiance’s ability to fulfill its obligations under the Agreement, the availability of NTFs to acquire Radiance (implied or express) and completion by radiance of purchase transactions for all (or part) of the amount obligated, and data related to the company’s business and company plans. The reader is cautioned that the assumptions used in preparing the forward-looking information may be incorrect. Events or circumstances may cause actual results to differ due to a variety of known and unknown risks, uncertainties and other factors, many of which are beyond DeepMarkit’s control, including without limitation, the risk that Radiance will not be able to obtain the NFTs accepted in its portfolio companies; or Radiance’s inability to complete any NFT purchase transactions at all. Various factors could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this press release, and DeepMarkit does not undertake any obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, unless: required by securities law This.
Source: DEEPMARKIT CORP.
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