Impact Development Group Announces Delay in Filing of Annual Financial Statements and Expected Cease Trade Order Pending Completion

May 02, 2024 10:37 AM EDT | Source: Impact Development Group Inc.

Toronto, Ontario--(Newsfile Corp. - May 2, 2024) - Impact Development Group Inc. (TSXV: IMPT) (formerly Yubba Capital Corp.) ("Impact Development Group" or the "Company") announces a delay in the filing of its audited annual financial statements (the "Financial Statements"), management's discussion and analysis and related chief executive officer (CEO) and chief financial officer (CFO) certifications (collectively, the "Annual Filings") for the financial year ended December 31, 2023, such filings due by April 29, 2024. The Company was not able to complete the Annual Filings on time as the Company's auditors require more time to complete the audit of the Financial Statements.

As a result of the delay, the Company will be noted in default by applicable securities regulatory authorities in Canada, and expects that the Ontario Securities Commission ("OSC"), as principal regulator, will issue a 'failure-to-file' cease trade order ("CTO") in accordance with the principles and guidance set out in National Policy 12-307 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions of the Canadian Securities Administrators ("NP 12-307"). The CTO will prohibit any direct or indirect trading in securities of Impact Development Group for so long as it remains in effect, in all Canadian jurisdictions in which the Company is a reporting issuer as well as certain other Canadian jurisdictions based on the provisions of local securities legislation and will remain in effect until after the Annual Filings have been filed. The CTO will result in a suspension of the Company's common shares from trading on the TSX Venture Exchange ("TSXV") and continue until the CTO is revoked and all TSXV requirements are satisfied.

The Company intends to file the Annual Filings as soon as practicable and is working diligently to facilitate the completion of the Annual Filings with the auditors. The Company will provide updates if and when necessary, in accordance with applicable securities laws.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Tom Wenz, Director and CEO
Phone: + 1 (702) 329-8038

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 and the ability for the Company to complete the Annual Filings. 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; dependence on and availability of the auditors; disruptions or changes in the credit or security markets; 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 and the auditors' ability to complete the Annual Filings and whether 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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