Item - 2021.TA14.10
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on November 5, 2021 and was adopted without amendment.
TA14.10 - Rescission of Decision Respecting Item TA 5.9 - Direct Investment
- Decision Type:
- ACTION
- Status:
- Adopted
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Rescinded the February 14, 2020 decision on Item TA5.9 - Direct Investment Request respecting a Direct Investment of up to $1,500,000.
Decision Advice and Other Information
The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to commercial and financial information, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Origin
Summary
Rescission of a previously approved Direct Investment as the company was able to raise equity which further de-risked the opportunity and a major bank supplanted TAF’s position.
Background Information
https://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-172391.pdf