Base Carbon Announces Closing of HCBL Partnership Restructuring - Seite 2

The parties entered into an escrow agreement whereby the 2,324,376 common shares of the Company previously issued to Philip Hardwick under the terms of the original investment agreement will be placed into escrow until June 30, 2024. Finally, Philip Hardwick also entered into an individual consulting agreement with the Company and has been issued 500,000 Base Carbon common share purchase options with an exercise price of C$1.00 per common share (the “Options”). 1/3 of the Options will vest immediately and the remaining amount will vest in equal tranches on the first and second anniversaries of closing.

For further details on the historical investment agreement and transactions between the parties, please refer to the Company’s public disclosure available on www.sedar.com.

About Base Carbon

Base Carbon provides capital, development expertise and management operating resources to projects involved in the voluntary carbon markets. The company 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. For more information, please visit www.basecarbon.com.

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Michael Costa, Chief Executive Officer, and Ryan Hornby, Chief Legal Officer are responsible for this press release.

Cautionary Statement Regarding Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws with respect of the Company, including but not limited to, statements relating to the focus of Base Carbon’s business and HCBL’s continued origination of carbon reduction projects. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” or variations of such words and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Statements about, among other things, Base Carbon’s strategic plans and HCBL’s continued origination of carbon reduction projects are all forward-looking information. These statements should not be read as guarantees of future performance, results, or achievements.