MALACHITE INNOVATIONS ANNOUNCES CLOSING OF $1.0 MILLION CAPITAL RAISE TO FUND FIRST ACQUISITION OF 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.