Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Category Archives: TSXV

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The TSX Venture Exchange Relaxes Shareholder Approval Policies for Reverse Takeovers and Changes of Business

Posted in Stock Exchanges, TSX, TSXV
Amendments to TSXV Corporate Finance Policy 5.2 – Changes of Business and Reverse Takeovers On December 15, 2016, the TSX Venture Exchange (Exchange) published amended Policy 5.2 of the TSX Venture Exchange Corporate Finance Manual (Policy 5.2), which formalized its March 2015 guidance (March 2015 Guidance) on the specific circumstances where the Exchange may waive… Continue Reading

Update on TSX-V Policy 5.8 – Issuer Names, Issuer Name Changes, Share Consolidations and Splits

Posted in TSXV
On November 1, 2016, the TSX Venture Exchange (Exchange) updated previous bulletins with regard to the adoption of four letter root symbols as stock tickers symbols. After obtaining regulatory approval for the amendments, the Exchange has now implemented amended Policy 5.8, which allows the Exchange to accommodate trading of four letter symbols. The following amendments… Continue Reading

Righting a Wrong: Canadian Regulators Improve the Rights Offering Regime

Posted in Capital Markets, Corporate Finance, Exempt Offering/Private Placement, Stock Exchanges, TSX, TSXV
The various Canadian regulatory authorities recently overhauled how prospectus exempt rights offerings are to be conducted going forward, including allowing for larger financings to be completed in a shorter time frame with less extensive offering documents. As a result of these amendments (Amendments) which came into force on December 8, 2015, reporting issuers in Canada… Continue Reading

New Investment Dealer Prospectus Exemption Suitable for Retail Investors

Posted in Capital Markets, Corporate Finance, CSA, Exempt Offering/Private Placement, Stock Exchanges, TSX, TSXV
Retail investors in British Columbia, Alberta, Saskatchewan, Manitoba and New Brunswick (Participating Jurisdictions) now have a new option by which they can participate in private placements. The securities regulators in the Participating Jurisdictions have adopted a prospectus exemption (Exemption) that allows issuers listed on a Canadian exchange to raise money by distributing securities to retail… Continue Reading

New Proposed Prospectus Exemption for Retail Investors

Posted in Capital Markets, Corporate Finance, Exempt Offering/Private Placement, Stock Exchanges, TSX, TSXV
On April 16, 2015, the securities regulators in British Columbia, New Brunswick and Saskatchewan published for comment Multilateral CSA Notice 45-315 – Proposed Prospectus Exemption for Certain Distributions through an Investment Dealer whereby the regulators proposed a new prospectus exemption that, if approved, would greatly increase the potential private placement investor base for a listed… Continue Reading

Amendments to the TSX Company Manual to Reflect Trends Towards Dematerialization of Physical Evidence of Security Ownership

Posted in Capital Markets, Corporate Finance, Mergers and Acquisitions, Stock Exchanges, TSX, TSXV
On May 21, 2015, the TSX announced one set of amendments and one request for comment on proposed amendments to the TSX Company Manual (Manual), both respecting physical certificate requirements for securities. The amendments should not have a noticeable impact for many listed issuers or industry participants, but they do highlight a few trends to… Continue Reading

CSA Staff Notice 51-341 – Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2014

Posted in Continuous Disclosure, CSA, Mineral Projects, Securities Regulatory Authorities, TSXV, Venture Issuers
On July 17, 2014, the Canadian Securities Administrators (CSA) published the results of their continuous disclosure review program (Program) in CSA Staff Notice 51-341 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2014 (Staff Notice).  The purpose of the Program is to monitor the compliance, reliability and accuracy of continuous disclosure… Continue Reading

TSXV Revises Definition of Tier 1 Property

Posted in Continuous Disclosure, Corporate Finance, Mineral Projects, Mining, Stock Exchanges, TSXV
On May 6, 2014, the TSX Venture Exchange (TSXV) amended the definition of “Tier 1 Property” contained in Policy 1.1 – Interpretation of the TSXV Corporate Finance Manual (TSXV Manual). The TSXV views its Tier 1 as its premier tier reserved for its most advanced issuers with the most significant financial resources.  As such, the… Continue Reading

Private Placements – Temporary Relief from Certain Pricing Requirements

Posted in Exempt Offering/Private Placement, TSXV
On August 17, 2012 the TSXV published a bulletin entitled Private Placements – Temporary Relief from Certain Pricing Requirements, which provided, on a temporary basis and subject to compliance with the bulletin, the granting of relief to TSXV issuers from certain existing pricing requirements related to private placement financings. These temporary measures were effective as… Continue Reading

Private Placements – Temporary Relief from Certain Pricing Requirements

Posted in Exempt Offering/Private Placement, TSXV
On August 17, 2012 the TSXV published a bulletin entitled Private Placements – Temporary Relief from Certain Pricing Requirements, which provided, on a temporary basis and subject to compliance with the bulletin, the granting of relief to TSXV issuers from certain existing pricing requirements related to private placement financings. These temporary measures were effective as… Continue Reading