Overview

On January 29, 2014 the TSX Venture Exchange (TSXV) published a bulletin providing some guidance to facilitate the listing process for issuers intending to list on the TSXV in the “Industrial, Technology and Life Science” category (Non-Resource Issuers).  The TSXV’s guidance is focused on two areas:

  1. clarifying the “history of operations/validation of business” initial listing requirement (Operations ILR) for Non-Resource Issuers; and
  2. enhancing the utility of pre-filing applications for all issuers by assessing an issuer’s ability to satisfy the Operations ILR at an earlier stage in the listing process.

Interpretative Guidance for “History of Operations/Validation of Business” Initial Listing Requirement

The bulletin clarifies the Operations ILR applicable to Non-Resource Issuers pursuant to section 2.6 of Policy 2.1 – Initial Listing Requirements.  The policy currently provides minimal guidance in this area, stating that in order to meet the standard for “Prior Expenditures and Work Program”, Tier 1 and Tier 2 issuers must have a “history of operations or validation of business”. The TSXV now clarifies what this means.Continue Reading Facilitating the Listing Process for Non-Resource Issuers – TSXV Clarifies the “History of Operations or Validation of Business” Requirement