08:40 AM EDT, 04/11/2024 (MT Newswires) -- Carbon Done Right Developments ( KLXDF ) , whose shares surged 29% on Wednesday, said it will raise $2.1 million in a private placement up to a maximum of 43.1 million common shares.

Despite the jump in share price on Wednesday, the stock is still down by more than 80% from its 53-week high reached in July of last year. The stock closed at $0.045 on Wednesday.

Leede Jones Gable will broker the stock sale, which will be priced at $0.05 per share. The broker has a 20% over-allotment option. The offering is scheduled to close on or about April 26.

Net proceeds from the sale will be used for the development of existing projects and technology, for new site development and acquisition and for general corporate and working capital purposes.

Carbon Done Right 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.