NatureBank Asset Management Inc. has received final Exchange approval for the acquisition of the European portfolio of voluntary carbon offset clients and offset related revenues of Forest Carbon Group GmbH ("FCG") of Frankfurt, Germany.
This acquisition builds NatureBank's European carbon client portfolio and carbon asset book of Verified Emission Reductions. All incoming clients and assets will be managed by the Forest Finest team under the CO2OL Natural Carbon Collection ("CO2OL") banner, from their Bonn and Frankfurt offices.
The contracts cover thirteen unique clients, and vary in term length between one and three years with a number of contracts automatically renewing on a year to year basis.
The purchase price for the FCG assets totaled Euro 113,991.34, which is being paid through the issuance of 1,874,524 common shares of the Company, worth CDN $168,707.
ForestFinest Consulting is a wholly owned subsidiary of NatureBank, and is a leading consultancy service provider for sustainable land use projects.