The Issuer restated its consolidated statement of cash flow for the year ended December 31, 2023. The Issuer's cash flows from cash advances of mortgages receivable and cash repayments of mortgages receivable, which were previously classified as investing activities, have been reclassified as operating activities in the consolidated statement of cash flows. Additionally, interest and fees on convertible debentures paid and interest and other financing charges paid, which were previously classified as financing activities, have also been reclassified to operating activities on the consolidated statement of cash flows.

The Issuer restated its consolidated statement of cash flow for the year ended December 31, 2023. The Issuer's cash funding of its investment portfolio and discharging of its investment portfolio, which were previously classified as investing activities, have been reclassified as operating activities. Additionally, cash flows for interest paid, previously classified as a financing activity, has been reclassified as an operating activity in the consolidated statement of cash flows.

The Issuer did not previously file a material change report and the related material contract as required by National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102).

In connection with a continuous disclosure review by Staff of the Ontario Securities Commission, the Issuer has amended and refiled the Management’s Discussion and Analysis (MD&A) and the Annual Information Form for the financial year ended December 31, 2023 to address several disclosure deficiencies and provide additional clarification. In addition, the interim financial statements for the periods ending March 31, 2024 and June 30, 2024 were amended and refiled to correct errors in the application of International Financial Reporting Standards (IFRS) and enhance compliance with certain disclosure requirements of IFRS; the accompanying MD&As were also amended and restated to include corrective disclosure. As a result of the corrective disclosure re-filings the Issuer also re-filed certifications of interim and annual filings for financial statements and MD&A in compliance with National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. 

SolarBank Corporation (the Issuer) has refiled its Audited Consolidated Annual Financial Statements for the year ended June 30, 2024 as initially filed on September 30, 2024 to include, immediately following the report of the Issuer’s independent auditor, ZH CPA, LLC, the report of the Issuer’s predecessor independent auditor, MSLL CPA LLP. Part 3.2 of Companion Policy 51-102CP Continuous Disclosure Obligations states that when an issuer changes its auditors during the periods presented in the annual financial statements and the new auditor has not audited the comparative period, the auditor’s report would normally refer to the predecessor auditor’s report unless that predecessor auditor’s report on the comparative period is refiled with the financial statements. As the new auditor’s report did not refer to the predecessor auditor’s report, the amended financial statements now include the predecessor auditor’s report.

The Issuer filed an amended and restated technical report on the Man of War Project to address several disclosure deficiencies including “geological resources” and “in-situ resources” which do not have reasonable prospects for eventual economic extraction, rounding the mineral resource estimates to significant figures and removing excessive appendixes.