Impact Development Group Inc. announced that it has approved a Financing by way of the issuance of a senior secured debenture for up to USD 4,500,000 with a Panamanian institutional investor to fund ongoing affordable home development activities and general working capital. The Financing will be funded in 9 monthly tranches, with the final Tranche ending in July, 2024. Each Tranche will be equal to the projected capital requirements for continued development of the Legacy Phases.

The Financing 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. The Financing is subject to the approval of the TSX-V and no funds representing the Tranches will be advanced to IDG prior to approval by the TSX-V.