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Impact Development Announces Approval of Loan, Engagement of Market Maker, and Issuance of Restricted Share Units
Toronto, Ontario--(Newsfile Corp. - February 8, 2024) - Impact Development Group Inc.  (TSXV...
About this update from Impact Development Group Inc
[{"type":"text","content":"Impact Development Announces Approval of Loan, Engagement of Market Maker, and Issuance of Restricted Share UnitsToronto, Ontario--(Newsfile Corp. - February 8, 2024) - Impact Development Group Inc. (TSXV: IMPT) (\"IDG\" or the \"Company\"), a leading Panamanian developer of affordable housing solutions, is pleased to announce that, further to its press release of December 29, 2023, the TSX Venture Exchange (\"TSX-V\") has approved issuance of secured debentures for proceeds up to USD$4,500,000 (the \"Financing\") and the Company has issued the secured debenture to an arm's length lender in connection with the Financing.Pursuant to the terms of the Financing, funds advanced as a loan to the Company shall bear interest at a rate of 12% per annum, payable quarterly, with a scheduled maturity date of November 30, 2025. Interest payments shall be deferred and accrued with the first interest payment occurring on January 31, 2025. Funds representing the loan pursuant to the Financing shall be advanced each month (each a \"Tranche\"), with the final Tranche to be advanced on or before July 31, 2024.In connection with the Financing, the Company shall issue warrants exercisable for the purchase of common shares of the Company upon receipt of each Tranche (the \"Warrants\"). The amount of Warrants issued by the Company in connection with each Tranche will be equal to the Canadian dollar value of the Tranche divided by the closing price of the Company's common shares on the funding date of each Tranche. The Warrants shall have an exercise price equal to a 10% premium to the 10-day volume weighted average trading price of IDG's common shares on the TSX-V on the 10 trading days prior to the funding date of each Tranche. The Warrants shall be exercisable for a period of three years from the date of issue, subject to accelerated expiry in accordance with the policies of the TSX-V.Market MakerThe Company is pleased announce that it has retained Integral Wealth Securities Limited (\"Integral\") to provide market-making services in accordance with TSX-V policies. Integral will trade common shares of the Company on the TSX Venture to maintain an orderly market, improve the liquidity of the Company's common shares and provide the Company with market intelligence.Under the terms of its agreement, Integral will receive a $7,500/month cash fee fo...