TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Impact Development Group Inc. (TSXV: "IMPT") (formerly Yubba Capital Corp.) ("Impact Development Group" or the "Company") is pleased to announce that further to its press releases of December 1, 2022, April 20, 2023, October 19, 2023, and December 1, 2023 the Company has received final approval from the TSX Venture Exchange ("TSXV") in respect of its previously announced qualifying transaction described in its Non-Offering Prospectus dated October 16, 2023 (the "Transaction").
The Final Exchange Bulletin of the TSXV in respect of the Transaction was published on December 8, 2023. Trading of the common shares of the Company will begin effective at the market open on December 12, 2023 under the symbol "IMPT", and the common shares of Yubba Capital Corp. will be delisted. The Company will be listed as a TSX Venture Tier 2 Real Estate Issuer (as such term is defined in the policies of the TSXV).
Complete details of the terms of the Transaction are set out in the prospectus dated October 16, 2023 available on the Company's profile at www.sedarplus.com.
Corrections
The Company announces two corrections to its news release dated December 1, 2023 (the "Closing PR").
The Company inadvertently referred to having issued 12,257,935 IHC Shares (as defined in the Closing PR) before the Share Exchange (as defined in the Closing PR) and the completion of the Concurrent Financing (as defined in the Closing PR), when it intended to disclose that 12,313,252 IHC Shares were issued and outstanding before the Share Exchange and Concurrent Financing.
The Company also inadvertently referred to Oscar Hilt Tatum IV as Mr. Wood in the third paragraph of the "Early Warning Report" section of the Closing PR pertaining to Mr. Tatum's holdings.
Additional Details
This news release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
About IHC and IHC Panama
Impact Development Group is a Panamanian based real estate developer that provides affordable housing solutions to Panama's growing middle-class supported by a longstanding subsidized government program. The vision of IHC Panama is effectuated by a vertically integrated model which coordinates all services necessary to develop high-quality residential and commercial buildings, including land acquisition, financing, architectural, engineering, off-site manufacturing, general contracting, property management, and administration.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Wenz, Director and CEO
Phone: + 1 (406) 370-2603
Email: twenz@ihcpanama.com
Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements, including statements with respect to trading in the common shares of the Company.
Such statements and information reflect the current view of the Company. Risks and uncertainties exist that may cause actual results to differ materially from those indicated or implied in the forward-looking statements and information. Such factors include, among others: the limited business history of IHC; reliance on key management; risks related to IHC's growth strategy, including that previous and future acquisitions do not meet expectations or potential acquisitions cannot be completed; dependence on and availability of third party financing; the business of IHC is subject to broader economic factors; disruptions or changes in the credit or security markets; financial results of IHC's operations; unanticipated costs and expenses; and general market and industry conditions.
The forward-looking statements, while considered reasonable by the Company, are inherently based upon assumptions that are subject to significant risks and uncertainties, including, but not limited to, the Transaction will be approved by the TSX-V and the Company will be able to carry out its business plan as contemplated. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct.
The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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