Acadian Timber Corp. Announces Sale of Voluntary Carbon Credits
20 März 2024 - 10:05PM
Acadian Timber Corp. (“Acadian”) (TSX:ADN) today announced an
agreement for the sale of voluntary carbon credits relating to the
first reporting period of its ongoing carbon credit project.
“We are pleased with the agreement to sell
nearly all of our currently registered carbon credits,
demonstrating the continued gravitation towards high quality carbon
credit projects,” commented Adam Sheparski, President and Chief
Executive Officer. “The registration process for the second and
third tranches of carbon credits for this project is well under
way, and we look forward to future additional sales.”
The credits are expected to be delivered prior
to the end of the third quarter of 2024, generating net proceeds to
Acadian of approximately U.S.$14 million or C$19 million, using
current foreign exchange rates.
Acadian’s project is registered on the American
Carbon Registry under the name Anew – Katahdin Forestry Project,
and requires balancing harvest and growth, long-term planning,
periodic carbon inventory verification, and maintenance of the
Acadian’s sustainable forestry certification.
The project is expected to generate an
additional 1.1 million credits over the remainder of the 10-year
crediting period. Actual credit issuances will be adjusted each
reporting period based on actual harvesting, natural disturbances,
and other factors, as well as periodic updating for inventory and
verification activities.
The impact to Acadian’s future financial results
from the sale of additional carbon credits is subject to market
conditions, the successful marketing of the credits and to the
timing of, and prices obtained from, contracts negotiated with
third parties. Prices obtained from prior sales are not necessarily
indicative of prices that will be obtained in the future.
Acadian Timber Corp. is one of
the largest timberland owners in Eastern Canada and the
Northeastern U.S. and has a total of approximately 2.4 million
acres of land under management. Acadian owns and manages
approximately 777,000 acres of freehold timberlands in New
Brunswick, approximately 300,000 acres of freehold timberlands in
Maine and provides timber services relating to approximately 1.3
million acres of Crown licensed timberlands in New Brunswick.
Acadian’s products include softwood and hardwood sawlogs, pulpwood
and biomass by-products, sold to approximately 90 regional
customers. Acadian also develops carbon credits for sale in
voluntary carbon credit markets.
Acadian’s business strategy is to maximize cash
flows from its existing timberland assets through sustainable
forest management and other land use activities while growing its
business by acquiring assets and actively managing these assets to
drive improved performance.
Acadian’s shares are listed for trading on the
Toronto Stock Exchange under the symbol ADN.
For further information, please visit our website
at www.acadiantimber.com or contact:
Susan WoodChief Financial OfficerTel:
506-737-2345 Email: ir@acadiantimber.com
Cautionary Statement Regarding
Forward-Looking Information and Statements
This News Release contains forward-looking
information and statements within the meaning of applicable
Canadian securities laws that involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Acadian Timber Corp. and its
subsidiaries (collectively, “Acadian”), or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking information is included in this News
Release and includes without limitation statements regarding
anticipated future events, results, achievements, circumstances,
performance or expectations that are not historical facts. All
forward-looking statements in this News Release are qualified by
these cautionary statements. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, should not be unduly
relied upon, and will not necessarily be accurate indications of
whether or not such results will be achieved. Actual results may
vary. These forward-looking statements include, but are not limited
to, expectations regarding the timing and final financial impact of
the carbon credit sales which may be impacted by the terms of the
agreement, customary closing conditions and foreign exchange rates;
and the number and timing of future carbon credits that will be
successfully registered and available for sale. Actual credit
issuances will be adjusted each reporting period based on actual
harvesting, natural disturbances and other factors, as well as
periodic updating for inventory and verification activities.
Other risks and factors are discussed under the
heading “Risk Factors” in the Annual Report dated February 7, 2024,
and in each of the Annual Information Form dated March 24, 2023 and
the Management Information Circular dated March 24, 2023 and other
filings of Acadian made with securities regulatory authorities,
which are available on SEDAR+ at www.sedarplus.ca. Forward-looking
information is based on various material factors or assumptions,
which are based on information currently available to Acadian.
Readers are cautioned that the preceding list of material factors
or assumptions is not exhaustive. Although the forward-looking
statements contained in this News Release are based upon what
management believes are reasonable assumptions, Acadian cannot
assure readers that actual results will be consistent with these
forward-looking statements. The forward-looking statements in this
News Release are made as of the date of this News Release based on
information currently available to management and should not be
relied upon as representing Acadian’s views as of any date
subsequent to the date of this News Release. Acadian assumes no
obligation to update or revise these forward-looking statements to
reflect new information, events, circumstances or otherwise, except
as may be required by applicable law.
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