Radiance Assets Acquires Additional Stake In Canadian Firm DeepMarkit Corp For RM7 Million

Radiance Assets Berhad completed a non-brokered private placement purchasing an additional 2,450,000 units of a Canadian technology company – DeepMarkit Corp., for a gross amount of CAD$2,082,500 (approx. RM7,020,338)

Following its signing of the letter of intent on 15 March 2022, today Radiance has signed the definitive agreement with DeepMarkit to form a carbon offset arrangement.

DeepMarkit is a technology company focused on creating new tools and technologies to aid businesses in sales development and increasing profitability.

The Definitive Agreement between Radiance and DeepMarkit is an arrangement under which Radiance will introduce carbon credit projects for onboarding through DeepMarkit’s MintCarbon.io platform.

The MintCarbon.io platform is developed to mint carbon offset credits into NFTs (Non-Fungible Token). Any minting and royalty-based revenues earned by DeepMarkit via Radiance’s referrals will result in a percentage-based sharing arrangement with Radiance.

“Radiance has the business connections and capacity to support DeepMarkit in the execution of its corporate goals. Our recent investment in DeepMarkit and the execution of this agreement are a testament to our belief in the company and the sector,” commented James Stevenson, CEO of Radiance.

“Radiance’s confidence in MintCarbon.io further validates our thesis that utilizing blockchain technology is the best pathway to accessibility, transparency, and the international achievement of carbon neutrality,” stated Ranjeet Sundher, Interim CEO of DeepMarkit.

The MintCarbon.io platform creates NFTs that are deposited into the originator’s blockchain wallet, whereby the NFT or Token will become a traceable, liquid asset capable of being listed for trading on nearly any decentralized exchange in the world. MintCarbon.io enables anyone to access information about carbon credit-based NFTs or Tokens, including a link to their respective trading platforms (e.g., OpenSea.io) through an easy-to-use interface.

Directly prior to the completion of the Private Placement, Radiance held 1,550,000 Common Shares and 1,550,000 common share purchase warrants, representing 3.87% of the issued and outstanding Common Shares on an undiluted basis, and 7.46% after giving effect to the exercise of warrants. Pursuant to the Private Placement, Radiance acquired 2,450,000 Units, and as a result now holds 4,000,000 Common Shares and 4,000,000 warrants (including the Warrants acquired pursuant to the Private Placement), representing 9.42% of the issued and outstanding Common Shares as of the date hereof, on an undiluted basis, and 18.18% of the issued and outstanding Common Shares after giving effect to the exercise of all warrants.

Radiance has extensive exposure from traditional businesses in agriculture to high-end technology solutions that incorporate artificial intelligence and advanced clean technology. Its portfolio includes a vast environmental, social and governance-based network of investments spanning forestry, hydrogen and geothermal carbon projects. Radiance is also actively working with carbon registries to verify carbon projects across Mexico and Malaysia.

Through the arrangement, Radiance will be able to provide beneficial business avenues from its extensive and diverse exposure to numerous new carbon projects, as well as an increased level of validation in the Asian carbon offset community.

MintCarbon.io is expected to receive increased transaction volume as a result of any and all users referred by Radiance that mint existing credits into NFTs, and in addition, intends to facilitate Radiance’s portfolio companies in pursuing carbon neutrality through the acquisition of NFTs representing thousands of tons of carbon dioxide minted via the MintCarbon.io platform.

Previous articleSingapore Recalls Four More Kinder Products From Belgium
Next articleMyEG Blockchain Zetrix Ready To Launch Its Own Mainnet, Giving Free NFTs Away


Please enter your comment!
Please enter your name here