Toronto, Ontario--(Newsfile Corp. - July 12, 2024) - Impact Development Group Inc. (TSXV: IMPT) ("IDG" or the "Company"), a leading Panamanian developer of affordable housing solutions, is pleased to announce that it has amended the terms of an existing loan (the "Loan") with DC Investment Fund ("DCIF") a Bahamas-based lender, and the Company's subsidiary Impact Housing Corporation ("IHC") to mature on March 31, 2026. The applicable interest rate on the Loan has been amended to accrue at the rate of 12 percent per annum.
As consideration for amending the Loan, IDG has issued to DCIF, 92,025 common shares of IDG (the "Bonus Shares").
"Addressing our debt maturities and interest rates is a key component of our commitment to preserve a strong balance sheet, and increases our flexibility to operate for the long-term growth of the Company," said Swapan Kakumanu, Chief Financial Officer of IDG.
Under the terms of the amendment to the Loan, IHC will make quarterly payments of accrued interest to DCIF until March 31, 2026, when the Loan matures and the outstanding principal will become due. The outstanding principal under the Loan as of today is USD$1,461,495.
The Company and DCIF are unrelated entities. DCIF has no present, direct or indirect interest in the Company or its securities. Other than the Bonus Shares, DCIF will not receive shares or options of IDG in connection with the Loan.
About Impact Development Group
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, Chief Executive Officer and Director
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.
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 the Company; reliance on key management; risks related to the Company'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 IDG is subject to broader economic factors; disruptions or changes in the credit or security markets; financial results of IDG'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 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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SOURCE: Impact Development Group Inc.
