Base Carbon Announces Final Listing Approval, Closing of Strategic Investment and Carbon Project Agreement

TORONTO, March 02, 2022 (GLOBE NEWSWIRE) — Base Carbon Inc. (including its subsidiaries, “Base Carbon” or the “Company”) is pleased to announce the achievement of a number of key objectives including final approval to commence trading on the Neo Exchange Inc. (“NEO Exchange”), completion of phase 2 of the staged acquisition of Hardwick Climate Business Limited (“HCBL”) and the execution of a carbon reduction project agreement.

“These three key milestones represent an important part of the evolution of Base Carbon. We look forward to progressing our carbon focused business plan as a public company.” said Michael Costa, CEO.

NEO Exchange Listing

Base Carbon has received final approval to list on the NEO Exchange and will begin trading on March 3, 2022, under the symbol “BCBN”. The Company filed a listing statement in accordance with the policies of the NEO Exchange available under Base Carbon’s SEDAR profile at www.sedar.com.

Completion of Phase 2 of HCBL Acquisition

On March 1, 2022, Base Carbon acquired an additional 30% of HCBL resulting in a total ownership of 49.9% pursuant to a planned phased acquisition as set out in the terms of an investment agreement between, among others, HCBL and Base Carbon. The team of carbon, environmental markets, and energy experts at HCBL are, together with Base Carbon, engaged in sourcing and developing large-scale carbon reduction projects from its pipeline of over 50 potential carbon reduction projects across various geographic locations. Base Carbon’s relationship with HCBL is further described in the Company’s listing statement available on www.sedar.com.

Initial Carbon Reduction Project

Base Carbon has entered into a project agreement with the DelAgua Group (“DelAgua”) and will contribute US$8.75 million to fund the manufacturing, distribution and monitoring of approximately 250,000 fuel-efficient cookstoves across rural Rwanda as part of an expansion to DelAgua’s existing carbon credit registered project. For more information, review the Company’s listing statement available on www.sedar.com.

About Base Carbon

Base Carbon is in the business of providing capital, development expertise and management operating resources to projects involved primarily in voluntary carbon markets and the broader ESG economy. Base Carbon seeks to be the preferred carbon project partner in providing capital and developmental resources to carbon projects globally and, where appropriate, will endeavour to utilize technologies within the evolving carbon industry to enhance efficiencies, commercial credibility, and trading transparency. The leadership team of Base Carbon consists of the following members:

• Michael Costa — Chief Executive Officer, Director, and Chairman of the Board
• Wes Fulford – Chief Financial Officer
• Philip Hardwick — Chief Operating Officer
• Andrew Fedak —Chief Strategy Officer and Director
• Ryan Hornby — Chief Legal Officer and Corporate Secretary
• Bruce Tozer — Director
• Margot Naudie — Director
• Catherine Flax — Director
• Maryam Ayati — Director

For more information, please visit www.basecarbon.com.

Investor Relations Contact:
Meghna Nair
Manager, Investor Relations
Tel: +1 647 264 5305
E-mail: investorrelations@basecarbon.com

Wes Fulford, Chief Financial Officer, and Ryan Hornby, Chief Legal Officer are responsible for this press release.

The NEO Exchange has in no way passed upon the merits of the Company or listing of shares and has neither approved nor disapproved of the contents of this news release.

Cautionary Statements Regarding Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the listing and trading of shares on the NEO Exchange, the focus of Base Carbon’s business, and the closing of phase 2 agreement with HCBL. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the expected listing and trading on the NEO Exchange, Base Carbon’s strategic plans and details of the closing of phase 2 agreement with HCBL are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the listing and trading of Base Carbon’s shares will be completed on the terms and timing described above. Base Carbon assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. When available, readers are encouraged to refer to the Listing Statement for information as to the risks and other factors which may affect the Base Carbon’s business objectives and strategic plans.