Impact Development Group Announces Issuance of Failure to File Cease Trade Order

May 08, 2024 9:33 AM EDT | Source: Impact Development Group Inc.

Toronto, Ontario--(Newsfile Corp. - May 8, 2024) - Impact Development Group Inc. (TSXV: IMPT) (formerly Yubba Capital Corp.) ("Impact Development Group" or the "Company") announced today that the Ontario Securities Commission as its principal regulator, has issued a failure to file cease trade order ("FFCTO"), prohibiting the trading by any person of any securities of the Company in Canada, including trades in the Company's common shares made through the TSX Venture Exchange ("TSXV"), 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.

The FFCTO was issued as a result of the Company's delay in the filing of its audited financial statements, management's discussion and analysis and the related Chief Executive Officer and Chief Financial Officer certifications for the Company's financial year ended December 31, 2023 (the "Annual Filings"), beyond the filing date.

As disclosed in the Company's new release dated May 2, 2024, the Company is working diligently to facilitate the completion of the Annual Filings with the auditors as soon as practicable. The Company anticipates that the FFCTO will remain in place until such time as the Annual Filings are filed.

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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