TSX Venture Exchange - TSX Venture

txsventuraThere are three tiers on the TSX Venture Exchange. Tier one are more senior companies and based on this designation have certain listing benefits not available to more junior companies. Tier two companies are considered early stage or junior companies. Tier three is the Canadian version of the US over the counter market and is formed primarily of companies from the defunct Canadian Dealers Network. Tier Three requirements will not be addressed in the attached charts.
 

TSX-V TIER ONE - TECHNOLOGY & INDUSTRIAL

Requirements

Technology or Industrial

Research & Development

Real Estate or Investment

Pre-Tax Income Last Year

a. C$100,000

b. N/A

c. C$ 300,000

N/A

N/A

Net Tangible Assets

a. C$1,000,000

b. C$5,000,000

c. N/A

C$5,000,000

C$5,000,000

Mrkt Value Publicly Held Stock

C$1,000,000

C$1,000,000

C$1,000,000

# of Shares Publicly Held

1,000,000, OR

20% of the shares issued & outstanding

1,000,000, OR

20% of the shares issued & outstanding

1,000,000, OR

20% of the shares issued & outstanding

# Public Board Lot Holders

300

300

300

Trading Price of Listed Securities

No minimum

No minimum

No minimum

Prior Expenditures

N/A

C$1,000,000

N/A

Recommended Work Program

N/A

C$1,000,000

N/A

Working Capital & Financial Resources

a. Funds for 18 months

b. Funds for 18 months plus C$100,000

c. Funds for 18 months

Funds for 18 months plus C$100,000

Funds for 18 months

Reports Required

Sponsor

Sponsor & Human or Technology Benefits

Sponsor & investment issuers need to file an investment strategy.

 

TSX - V TIER TWO - INDUSTRIAL & TECHNOLOGY

Requirements

Technology or Industrial

Research & Development

Real Estate or Investment

Pre-Tax Income Last Year

a. C$50,000 or in last two of three years

b. C$250,000 operating revenue

c. N/A

N/A

N/A

Net Tangible Assets

a. C$500,000

b. C$750,000

c. C$750,000

C$750,000

C$2,000,000

Mrkt Value Publicly Held Stock

C$500,000

C$500,000

C$500,000

# of Shares Publicly Held

500,000, OR

20% of the shares issued & outstanding

500,000, OR

20% of the shares issued & outstanding

500,000, OR

20% of the shares issued & outstanding

# Public Board Lot Holders

300

300

300

Trading Price of Listed Securities

No minimum

No minimum

No minimum

Prior Expenditures

a. N/A

b. N/A

c. C$250,000

C$500,000

N/A

Recommended Work Program

N/A

C$500,000

N/A

Working Capital & Financial Resources

a. Funds for 12 months

b. Funds for 12 months plus C$100,000

c. Funds for 12 months plus C$100,000

Funds for 12 months plus C$100,000

Funds for 12 months

Reports Required

a. Sponsor

b. Sponsor & two year management plan

c. Sponsor, two year management plan & working prototype of industrial product or satisfactory testing

Sponsor & human or technology benefits study

Sponsor & investment issuers need to file an investment policy & strategy.

The listing committee for the TSX Venture Exchange will also a public interest standard review of all listing candidates looking at such things as:
  • the reputation and past conduct of all directors, officers and majority stockholders;
  • characteristics unique to the company or its business;
  • the distribution and spread of the stock of the company;
  • IPO price of not less than C$0.15 per share; and
  • percentage of stock of the company held by pro-groups.

    • Company's board of directors must agree to abide by the corporate governance requirements of the TSX Venture Exchange.

    In addition to the foregoing the TSX Venture Exchange has different listing standards for Capital Pool Companies and mining companies. A copy of the complete listing policy of the TSX Venture Exchange is available here: Listing Policy.