In the knowledge hub you’ll find articles, FAQs, summary information tables, videos, and links to Alixe’s blog posts on the legal aspects of: raising capital; going public through a reverse merger, qualifying transaction, initial public offering or a Regulation A+ offering; listing requirements of various North American stock exchanges; U.S. Blue Sky Rules, and equity crowdfunding.
We have organized the information in this section in folders to make it easier for you to find what you are looking for. There are over 50 articles in the Raising Capital section alone. Click on the title of a section to reveal the material in that folder.
The content of these articles is not legal advice. They are solely for informational purposes.
Raising Capital
General Articles on Raising Capital
- “Anyone with money is a friend of mine.”* Traps to Avoid When Raising Private Placement Capital - Mar 24, 2022
- BC Securities Commission Order of Production - Feb 14, 2022
- Part One: Relying on the Close Personal Friends, Family and Business Associates Exemptions to Raise Private Placement Capital - Mar 24, 2022
- Part Three: Relying on the Offering Memorandum Exemption to Raise Private Placement Capital - Mar 24, 2022
- Part Two: Part Two: Relying on the Accredited Investor Exemption to Raise Private Placement Capital - Mar 24, 2022
- Private Placement Investigation: Sample Cover Letter & Questionnaire Sent to Investors by Securities Regulators - Feb 14, 2022
On Alixe’s Blog:
- Allowable Discount Pricing of Private Placement Securities of Canadian Stock Exchange Listed Companies – May 6, 2015
- The Ontario Proposed Friends, Family and Business Associate Exemption – Mar 31, 2014
- Existing Security Holder Exemption Now Available to TSX, TSX-V & CSE Issuers – Mar 13, 2014
- Making Your Business Attractive to Investors: The BC Small Business Venture Capital Act – Jan 14, 2014
- Proposed New Private Placement Exemption to Existing Security Holders Needs Your Support – Jan 8, 2014
- Welcome Ontario to the Rest of Canada: OSC Signals Plan to Adopt New Private Placement Offering Exemptions in 2014 – Dec 4, 2013
Accredited Investors
- Accredited Investor Verification Request Form - Feb 17, 2022
- An Introduction to the Accredited Investor Exemption - Oct 31, 2023
- Definition of Accredited Investor in United States - Feb 15, 2022
- Definition of an Accredited Investor in Canada - Feb 17, 2022
- Part Two: Part Two: Relying on the Accredited Investor Exemption to Raise Private Placement Capital - Mar 24, 2022
- Verifying Accredited Investor Status in Canada: Requirements and Best Practices - Oct 30, 2023
On Alixe’s Blog:
- Raising Capital From Angel Investors – Apr 30, 2015
- Accredited Investor and Minimum Investment Prospectus Exemptions to Undergo Changes in Canada – Mar 3, 2014
- The Impact of Title II of the Job’s Act Regulation D Rule 506(c) on US and Canadian Issuers – Feb 20, 2014
Equity Crowdfunding
- Equity Crowdfunding Portal Update and Slide Deck “Securities -Making Equity Crowdfunding Legal” - Mar 22, 2016
- Part Three: Is Culture Killing Equity Crowdfunding in Canada: Real Estate Spotlight - Oct 12, 2015
- Part Two: Is Culture Killing Equity Crowdfunding in Canada? - Oct 08, 2015
- Part II: Is Culture Killing Equity Crowdfunding in Canada?
- Part III: Is Culture Killing Equity Crowdfunding in Canada: Real Estate Spotlight
On Alixe’s Blog:
- Equity Crowdfunding for Your Residential Construction Business – Apr 6, 2016
- Update #4: U.S. Intrastate Equity Crowdfunding Exemptions: 30 State Bills Adopted and 7 Pending – November 18, 2015
- Update #3: 22 U.S. States Have Adopted An Intrastate Equity Crowdfunding Exemption – Apr 16, 2015
- Update #2: U.S. Intrastate Equity Crowdfunding Exemptions: 17 State Bills Adopted and 21 Pending – Mar 20, 2015
- Equity Crowdfunding: Noise or Music to Your Ears – Nov 6, 2014
- Equity Crowdfunding: What is Happening – May 29, 2014
- To Equity Crowdfund or Not to Equity Crowdfund: How to Assess if Equity Crowdfunding is Right for You – May 29, 2014
- Where You Can Find the Proposed Canadian Equity Crowdfunding Rules and Forms – Apr 17, 2014
- Update – U.S. Intrastate Equity Crowdfunding Exemptions: 7 State Bills Adopted and 13 Pending – Apr 7, 2014
- Six Provinces Propose a New Start-Up Crowdfunding Exemption Based on the Saskatchewan Crowdfunding Exemption Model – Mar 21, 2014
- Two Equity Crowdfunding Specific Exemptions Taking Hold in Canada – Mar 21, 2014
- U.S. Intrastate Equity Crowdfunding Exemptions: 5 State Bills Adopted and 16 Pending – Mar 21, 2014
- Defining Equity Crowdfunding and its Status Today in Canada – Jan 23, 2014
- Saskatchewan Adopts First True Crowdfunding Private Placement Exemption in Canada* – Dec 6, 2013
Offering Memorandum
- Part Three: Relying on the Offering Memorandum Exemption to Raise Private Placement Capital - Mar 24, 2022
- The Definition of Eligible Investor in Canada - Feb 14, 2022
On Alixe’s Blog:
- How Much Money Can a Company Keep When Crowdfunding? De-Mystifying ‘Minimum’, ‘Maximum’, ‘Keep it All’ and ‘All or Nothing’ Offerings – Oct 6, 2014
- How Much Does an Offering Memorandum Cost? – Apr 21, 2014
- Misrepresentations in a Private Placement Offering Memorandum in Canada – Mar 6, 2014
- Proposed Listing Representation Relief in Offering Documents for Foreign Issuers Doing Private Placements into Canada – Dec 31, 2013
- Changing Your Mind: Part I – Two Day Cancellation Rights under the Offering Memorandum Exemption – Dec 30, 2013
- The Offering Memorandum Exemption in a Nutshell – Dec 13, 2013
- A ‘Second Set of Eyes’ Voluntary Pre-Filing Review of Offering Memoranda by Canadian Securities Regulators – Dec 2, 2013
SEC Regulation A
On Alixe’s Blog:
- Selling Equity and Accessing the “Crowd”: Opportunities for Canadian Issuers to Access Capital Using Rule 506(c), Regulation A+, and Online Platforms in The United States – Sept 28, 2015
- Blue Sky Compliance for Secondary Trading: Proposed Regulation A+ Highlights Ongoing Issue – Jul 2, 2014
- Welcome to Canada! Using Regulation A+ to List on the CSE, TSX or TSX Venture Exchange – Apr 30, 2014
- A Canadian Perspective on the New U.S. Regulation A Exemption – Dec 18, 2013
Resale Rules and Secondary Trading of Securities
Resale Rules and Secondary Trading of Securities
- Blue Sky Resale Requirements, Mergent Manual & the Significance to Pink Sheet, OTCQB, OTCQX and Canadian Issuers - Oct 10, 2019
- Canadian Resale Rules - Feb 02, 2022
On Alixe’s Blog:
- Blue Sky Compliance for Secondary Trading: Proposed Regulation A+ Highlights Ongoing Issue – Jul 2, 2014
Other Topics of Interest
Finders, Agents and Brokers
On Alixe’s Blog:
- The Northwestern Exemption: How Unregistered Selling Agents (Finders) Sell Securities out West – Apr 15, 2014
- SEC Confirms Private Company Merger & Acquisition Brokers are Exempt from Registration Federally in No-Action Letter – Feb 5, 2014
Private Company Sales and Acquisitions
On Alixe’s Blog:
Stock Options
Miscellaneous
- Due Diligence: The Due Diligence Checklist - Feb 17, 2022
On Alixe’s Blog:
Going Public
General Articles on Going Public
Initial Public Offerings
Reverse Takeovers
- Buyer Beware: Is That Shell Company a Shell? - Aug 31, 2015
- Canadian OTC Shell Companies: How They Differ From a US OTC Shell Companies - Sep 27, 2019
TSX Venture Exchange Capital Pool Companies
TSX Venture Exchange Qualifying Transactions
Securities Trading Markets
General Information About Securities Markets
- Master Chart of the Listing Requirements of the NYSE, NYSE American, Nasdaq, TSX, TSX Venture Exchange, Cboe Canada and CSE – September 25, 2023
- The Cost of Listing on a Stock Exchange or Obtaining a Quote in North America – February 14, 2022
The Canadian Securities Exchange
TSX Venture Exchange
- A Five Year Review of Listings and Equity Raises on the TSX Venture Exchange – Jan. 1, 2014 to Dec. 31, 2018 - Sep 27, 2019
- Listing Requirements of the TSX Venture Exchange (TSX-V) – Exploration and Mining Companies - Sep 25, 2023
- Listing Requirements of the TSX Venture Exchange (TSXV) – Industrial, Technology, Life Sciences, Real Estate and Investment Companies - Sep 25, 2023
TSX
- Listing Requirements of the Toronto Stock Exchange (TSX) – Exploration and Mining Companies - Sep 25, 2023
- Listing Requirements of the Toronto Stock Exchange – TSX – Industrial, Tech., Research & Dev. Issuers – September 25, 2023
NASDAQ
- Listing Requirements of the NASDAQ Stock Market - Sep 25, 2023
NYSE American
- Listing Requirements of NYSE American - Sep 25, 2023
New York Stock Exchange – NYSE
- Listing Requirements of the New York Stock Exchange – NYSE – September 25, 2023