(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

Vancouver, Canada-based Carbon Done Right is a carbon credit project developer, planning to restore forest and mangrove in Sierra Leone to generate carbon credits. It is already listed in Toronto and has announced plans to list as well on the AIM market in London in the second quarter of this year.

The company on Wednesday said it has completed all the milestones required for the fourth disbursement under the pre-purchase agreement it reached with BP Carbon Trading Ltd, part of oil major BP PLC.

Carbon Done Right said the next milestone for a further disbursement is due within the next four weeks. It didn't provide the amount of either disbursement.

'This fourth milestone demonstrates continued progress with this critically important project," said Chief Executive Officer James Tansey. "The restoration sites focus on abandoned land in Sierra Leone and provide direct income to the smallholders within these communities and long-term revenue sharing benefits."

The company on Wednesday didn't provide an update on its AIM initial public offer. It noted it has been approached by the Times for a possible news article and has been engaging with the newspaper in "open and transparent way".

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.