Malachite Innovations, Inc.

CLEVELAND, OHIO, May 13, 2022 (GLOBE NEWSWIRE) — MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (“Malachite”) announces the closing of a $3.0 million fundraising round and the purchase of 80% of the common shares of Range Environmental Resources, Inc. (“Range Environmental Resources” ) and Range Natural Resources, Inc. (“Range Natural Resources”), representing the Company’s first acquisition of an environmental services business through Daedalus Ecosciences, Inc. (“Daedalus”), its wholly-owned ESG-focused operation.

Capital raised of $3.0 million

Malachite has raised $3.0 million from two strategic investors, including $1.0 million used to fund the cash portion of the stock purchase of Range Environmental Resources and Range Natural Resources and the $2.0 million remaining dollars for general business purposes.

Indemnity National Insurance Company (“Indemnity National”) purchased 13,333,333 common shares of Malachite in a private transaction at a price of $0.15 per share. Indemnity National has also received warrants to purchase an additional 13,333,333 common shares of Malachite at $0.60 per share.

Tower IV LLC (“Tower IV”), an investment company controlled by Joseph E. LoConti and the Company’s principal shareholder, increased its stake by purchasing 6,666,667 common shares of Malachite at a price of $0.15 per stock. Tower IV also received warrants to purchase an additional 6,666,667 common shares of Malachite at $0.60 per share.

Michael Cavanaugh, CEO of Malachite, said: “This fundraising with strategic partners marks an important step in the process of creating value for our company. We now have the capital to advance our ESG-focused mission to build a market-leading environmental services company that improves the health and well-being of our planet, with a particular focus on economically disadvantaged regions such than Appalachia. Cavanaugh added. “Indemnity National and Tower IV are sophisticated investors with a long track record of success. We believe their investment in Malachite validates our strategic vision and provides the capital needed to execute our operating plan and create long-term value for our shareholders. Indemnity National provides environmental bonds and insurance to the mining and energy industries, and we believe it has strong potential to become a future reclamation services partner of Range Environmental Resources.

Range stock purchase

Malachite and Daedalus have entered into a share purchase agreement with Range Environmental Resources, Range Natural Resources and their sole shareholders, Jeremy Starks and Joshua Justice. In exchange for 80% of the outstanding common shares of each of the Range entities, Malachite issued 5,000,000 common shares of its common stock to each of Messrs. Starks and Justice, and Daedalus paid each of them an amount equal to $500,000. Range Environmental Resources is an environmental services company primarily focused on the reclamation of former coal mines and the remediation of non-compliant streams and waterways. Range Natural Resources is a newly created entity that will extract natural resources related to reclamation and remediation services provided by Range Environmental Resources.

“The closing of our first ESG acquisition should serve as a catalyst for the acquisition and organic growth of several additional ESG opportunities that complement Range with the goal of creating a large, multi-faceted land-focused business unit with revenue and earnings substantial,” said Cavanaugh. “On behalf of our board, management and shareholders, I am delighted to welcome Jeremy, Joshua and the entire Range team to our growing Malachite family.” added Cavanaugh.

About Malachite Innovations, Inc.

Based in Cleveland, Ohio, Malachite Innovations, Inc. is an innovative and socially responsible company dedicated to improving the health and well-being of people and our planet. Malachite deploys this dual interconnected strategy through two wholly-owned operating subsidiaries. Daedalus Ecosciences, our business unit dedicated to improving the health and wellbeing of our planet through ESG investing, seeks to identify, invest in and reposition challenging environmental situations with a particular focus on technological innovations and solutions. environmentally friendly products deployed in economically disadvantaged communities. Graphium Biosciences, our operating subsidiary dedicated to improving the health and well-being of people, seeks to advance our extensive portfolio of over 100 novel cannabinoid-glycoside compounds created using our proprietary enzyme bioprocessing to develop new safe and effective treatments for chronic and debilitating diseases, with an initial focus on inflammatory bowel disease.

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 that are not purely historical are forward-looking statements and include all 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 results to differ materially from those indicated in these statements. These factors include, among others, the inherent uncertainties associated with new projects and companies in the development stage, timing of clinical trials and product development, business strategy and new business areas. These forward-looking statements are made as of the date of this press release, and we undertake 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 the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should review all information set forth herein and should also refer to the disclosure of risk factors described 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
Phone: +1 (216) 304-6556
Email: [email protected]

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