Item - 2023.TA4.9

The Board of Directors of the Toronto Atmospheric Fund:  

1. Approved an investment of up to $1,250,000, structured as a convertible note, subject to the high-level terms and conditions outlined by the Direct Investment Committee at its meeting on October 17, 2023, namely completion of full due diligence and valuation, finalization of terms and conditions, and legal review of such terms and conditions by Toronto Atmospheric Fund’s Solicitor.

2. Delegated final approval of the terms and conditions to the Direct Investment Committee.

3. Directed Toronto Atmospheric Fund’s Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.

4. Directed that the confidential information contained in Confidential Attachment 1 to the report (November 7, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The Direct Investment Committee recommends an investment of up to $1,250,000 in amass timber prefabrication company, in the form of a convertible note. This investment is strongly aligned with Toronto Atmospheric Fund’s mandate to mobilize capital for low-carbon solutions and accelerate net-zero new construction. The proposed allocation complies with Toronto Atmospheric Fund’s investment policy and target portfolio