Carbon Streaming appoints Christian Milau as interim CEO, to acquire Blue Dot

Carbon Streaming announced the following changes to its board of directors and senior management. The changes follow recent discussions between the board and certain of the company’s shareholders, led by Marin Katusa, Justin Cochrane and Maurice Swan have resigned as directors of the company. Continuing as directors are Candace MacGibbon, Alice Schroeder and Jeanne Usonis. Christian Milau, Marcel de Groot and Olivier Garret have joined the board of Carbon Streaming. Milau has also been appointed interim CEO of the company. Garret has been appointed as chair of the board. Mr. Garret will Chair all committees of the board other than the audit committee and compensation committee. de Groot has been appointed as chair of the audit committee, and Schroeder will continue as chair of the compensation committee. Before Messrs. Milau, de Groot, and Garret joined the board, Carbon Streaming agreed to acquire Blue Dot Carbon Corp, a private company led by Milau, for a total purchase price of $2.5M, to be paid in common shares of Carbon Streaming. de Groot is a member of the board of directors of Blue Dot. The number of shares to be issued as consideration to Blue Dot shareholders will be settled 30 days after this announcement, using a 30-day VWAP to calculate the number of Shares, with a maximum consideration price of C$0.75 per share. Closing of this transaction is expected in July and is subject to any customary stock exchange or regulatory approvals. The acquisition of Blue Dot was approved by the board upon the unanimous recommendation of the special independent committee of the board, of which MacGibbon and Schroeder are members. Katusa facilitated the negotiation between Carbon Streaming and Blue Dot. Katusa is not a shareholder of Blue Dot, and no fees, in cash or in-kind, were paid in connection with this transaction. Blue Dot has an equity investment in a carbon project developer and certain option rights to invest in future removals projects of its partners.