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TSX Venture Exchange -
TSX V
* last updated August 26, 2010
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 There
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.
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TSX-V
TIER ONE -
TECHNOLOGY & INDUSTRIAL |
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Requirements |
Technology or Industrial |
Research & Development |
Real Estate or Investment |
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Pre-Tax Income Last Year |
a. C$5,000,000
b. N/A
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a. C$ 5,000,000
b. N/A
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N/A |
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Net Tangible Assets |
a. N/A
b. C$ 5,000,000
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a. N/A
b. C$ 5,000,000
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Real estate: C$ 5,000,000 - And significant
interest in real property
Investment: C$ 10,000,000 |
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Mrkt Value Publicly Held Stock |
C$ 150,000 |
C$150,000 |
C$ 150,000 |
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# 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 |
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# Public Board Lot Holders |
250 |
250 |
250 |
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Trading Price of Listed Securities |
No minimum |
No minimum |
No minimum |
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Prior Expenditures |
History of operations or validation of
business. |
History of operations or validation of
business. |
Real estate: no requirement
Investment: disclosed investment policy |
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Recommended Work Program |
N/A |
N/A |
N/A |
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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$ 200,000 |
Funds for 18 months |
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Reports Required |
Sponsor |
Sponsor & Human or Technology Benefits |
Sponsor |
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TSX - V
TIER TWO -
INDUSTRIAL & TECHNOLOGY |
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Requirements |
Technology or Industrial |
Research & Development |
Real Estate or Investment |
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Pre-Tax Income Last Year |
a. C$ 500,000 operating revenue
b. N/A
c. N/A |
a. C$ 500,000 operating revenue
b. N/A
c. N/A |
N/A |
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Net Tangible Assets |
a. N/A
b. C$ 750,000
c. C$ 2,000,000
(arms length financing) |
a. N/A
b. C$ 750,000
c. C$ 2,000,000
(arms length financing) |
a. $ 2,000,000
b. C$ 3,000,000
(arms length financing)
And significant interest in real property
(real estate only).
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Mrkt Value Publicly Held Stock |
C$ 75,000 |
C$ 75,000 |
C$ 75,000 |
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# 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 |
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# Public Board Lot Holders |
200 |
200 |
200 |
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Trading Price of Listed Securities |
No minimum |
No minimum |
No minimum |
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Prior Expenditures |
History of operations or validation of
business.
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History of operations or validation of
business. |
real estate: no requirement
investment: disclosed investment policy and 50% of
available funds must be allocated to at least 2 specific investments. |
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Recommended Work Program |
N/A |
C$500,000 |
N/A |
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Working Capital & Financial Resources |
Funds for 12 months plus C$100,000 |
Funds for 12 months plus C$100,000 |
Funds for 12 months plus C$100,000 |
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Reports Required |
a. Sponsor
b. Sponsor and two year management plan
demonstrating reasonable likelihood of revenue within 24 months
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a. Sponsor
b. Sponsor and two year management plan
demonstrating reasonable likelihood of revenue within 24 months |
Sponsor |
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.
Go to the listing requirements
of other exchanges:
Master Chart Summary,
NYSE-Amex ,
TSX,
NASDAQNM,
NASDAQSM,
TSX Venture,
CNSX,
OTCBB,
US Pink Sheets
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 Alixe
B. Cormick
Venture Law Corporation
618 - 688 West Hastings St.
Vancouver, B.C.
V6B 1P1
Phone: 604-659-9188
Fax: 604-659-9178
E-mail Us |
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