Item - 2024.TA8.19

The Board of Directors of the Toronto Atmospheric Fund:

1.  Confirmed approval of an investment of up to $2,841,800 subject to the revised investment terms and conditions stated in Confidential Attachment 1 to the report (November 6, 2024) from the Vice President, Board of  Toronto Atmospheric Fund, Impact Investing, and outlined by the Direct Investment Committee at its meeting of October 29, 2024.

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

3.  Directed that the confidential information contained in Confidential Attachment 1 to the report (November 6, 2024) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains financial information, supplied in confidence to The Atmospheric Fund, 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.

This report recommends confirming approval of an investment originally approved by the Board in 2020 with updated and adjusted terms and conditions given the limited risk of the investment; alignment with the Toronto Atmospheric Fund’s mandate; and financial strength and governance accountability of the Project Recipient.