Impact Development Group Inc. announced a private placement of a senior secured debenture for up to $4,500,000 with a panamanian institutional investor on December 29, 2023. 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. In connection with the financing, the company shall issue warrants exercisable for the purchase of common shares upon receipt of each tranche.

The amount of warrants issued by the company in connection with each tranche will be equal to the value of the tranche divided by the closing price of the company?s common shares on the funding date of each tranche. 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.