08:14 AM EST, 03/08/2024 (MT Newswires) -- Carbon Done Right Developments Inc. ( KLXDF ) said Friday that it agreed to acquire the London Carbon Exchange for US$450,000 in shares.

The shares will be issued at the date of the next placing, concurrent with the company's dual listing on the London Stock Exchange Alternative Investment Market

The company said the transaction will further strengthen its commitment to the rapid growth of investment in large scale carbon credit restoration and conservation projects on degraded and threatened land.

Carbon Done Right is formally Klimat X Development Corp., a company that develops validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets.

The company said it has built a strong track in Sierra Leone, Suriname, Guyana and Mexico in restoring and conserving highly productive tropical forest and mangrove ecosystems.