Business
Big Tree Closes Transaction for Sale of Biodiversity Business Plan to NANAVERSE Inc.
TORONTO, ON / ACCESS Newswire / March 25, 2025 / Big Tree Carbon Inc. (the " Company " or ...
About this update from Big Tree Carbon Inc
[{"type":"text","content":"Big Tree Closes Transaction for Sale of Biodiversity Business Plan to NANAVERSE Inc. TORONTO, ON / ACCESS Newswire / March 25, 2025 / Big Tree Carbon Inc. (the \"Company\" or \"Big Tree\") (TSXV:BIGT) is pleased to announce that, further to its press release dated February 24, 2025, the Company has closed (the \"Closing\") the sale of its biodiversity business plan pursuant to the Letter Agreement (the \"Letter Agreement\") with NANAVERSE Inc. (formerly known as 1001089934 Ontario Inc.) (the \"Purchaser\"). Big Tree assigned and transferred to the Purchaser, the NANAVERSE platform and all associated developments (the \"Purchased Assets\" as set out below) (the \"Transaction\") (see the Press Releases issued by the Company on March 26, 2024 and September 24, 2024).Pursuant to the Letter Agreement Big Tree transferred the following Purchased Assets to the Purchaser:a business plan developed by Big Tree regarding the creation of the NANAVERSE platform, the acquisition and disclosure relating to Biodiversity Projects on the NANAVERSE platform and the steps necessary to make the NANAVERSE platform operational (collectively, the \"Biodiversity Business Plan\");the software and web development contract;the concept of the NANAVERSE platform and the development of the NANAVERSE platform to the date of Closing; andgovernment and all other contacts made by Big Tree in respect of the Biodiversity Business Plan and all other trade secrets, know-how and intellectual property associated with the Biodiversity Business Plan, that has been created by Big Tree,and as consideration, Big Tree has received a $1,000,000 Promissory Note from the Purchaser; one (1) Series 1 Preferred Share of the Purchaser entitling Big Tree to 16% of the proceeds received by the Purchaser in respect of each biodiversity project managed through the NANAVERSE platform at the end of the 20 year term of each project; and a contractual royalty entitling Big Tree to 2% of proceeds received annually by the Purchaser in respect of each biodiversity project managed through the NANAVERSE platform.In accordance with the terms of the Letter Agreement, Ian Brodie-Brown has resigned as Director of Business Development and as a member of the Board of Directors of Big Tree, and has become the Chief Executive Officer of NANAVERSE Inc.The Purchaser is seeking financing for the NANAVERSE...