MALACHITE INNOVATIONS ANNOUNCES CLOSING OF $1.0 MILLION CAPITAL RAISE TO FUND FIRST ACQUISITION OF FORMER MINE LAND
Malachite also announces the closing of a $1.0 million capital raise and the purchase of approximately 1,600 acres of former mine land in Lincoln County, West Virginia (“Former Mine Land”).
CLEVELAND, OHIO, Sept. 15, 2023 (GLOBE NEWSWIRE) -- MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (“Malachite”) announces the launch of Catalyst Land Ventures, LLC (“Catalyst Land”), a new wholly-owned subsidiary focused on acquiring, rehabilitating and repurposing underutilized land in Appalachia to drive economic activity in disadvantaged fossil fuel-dependent communities. Malachite also announces the closing of a $1.0 million capital raise and the purchase of approximately 1,600 acres of former mine land in Lincoln County, West Virginia (“Former Mine Land”).
Catalyst Land Ventures
Catalyst Land is a newly-formed, wholly-owned subsidiary focused on acquiring, rehabilitating and repurposing undervalued and underutilized real estate throughout the Appalachian Region. Consistent with Malachite’s mission driven approach to improving the health and wellness of people and the planet, Catalyst Land is targeting challenging land opportunities in the most disadvantaged areas of Appalachia. Catalyst Land is prioritizing communities transitioning from an economic dependency on fossil fuels, primarily coal, to other high-growth sustainable and eco-friendly industries, including renewable energy, agriculture, and recreation.
$1.0 Million Capital Raise
On August 24, 2023, Malachite raised $1.0 million from Indemnity National Insurance Company (“Indemnity National”) with the proceeds used to fund the purchase of the Former Mine Land. Indemnity National purchased 6,666,667 shares of Malachite’s common stock in a privately-placed transaction at a price of $0.15 per share.
Former Mine Land Purchase
On September 11, 2023, CLV Azurite Land, LLC (“CLV Azurite”), a newly created special purpose vehicle wholly-owned by Catalyst Land, purchased the Former Mine Land through a Special Warranty Deed entered into between CLV Azurite and ERP Environmental Fund, Inc. pursuant to which CLV Azurite acquired the Former Mine Land for a purchase price of approximately $900,000. The purchase did not include any associated mining permits or reclamation bond obligations. CLV Azurite intends to rehabilitate and repurpose the Former Mine Land into a next-generation commercial use that creates jobs and drives economic activity for the nearby communities in Lincoln County, West Virginia.
“Catalyst Land is an integral part of our ecosystem of complementary businesses and will focus on acquiring, reclaiming, and repurposing underutilized former mine sites to reinvigorate local communities historically reliant on coal mining,” stated Michael Cavanaugh, Malachite’s Chief Executive Officer. “Our purchase of over 1,600 acres of former mine land is exemplary of our strategy to develop sustainable long-term economic activity and financial security for families living in these hard-hit coal communities. We’re hard at work developing job creating plans for this new site and are committed to being an authentic leader in the transformation of former coal communities into diversified, sustainable economies for generations to come,” added Cavanaugh.
About Malachite Innovations, Inc.
Headquartered in Cleveland, Ohio, Malachite Innovations, Inc. is dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing. Malachite’s operating businesses focus on developing long-term solutions to environmental, social and health challenges, with a particular focus on economically disadvantaged communities. Malachite takes an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways. Malachite seeks to thoughtfully allocate its capital into ventures that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for its shareholders.
Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors that could cause actual outcomes and results to be materially different from those indicated in such statements. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, timing of clinical trials and product development, business strategy and new lines of business. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Malachite Innovations, Inc.
Investor Relations
P: +1 (216) 304-6556
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