TSX-V – Tier Two - Industrial, Technology, Life Sciences, Real Estate and
Investment Companies Listing Requirements

Requirements

Industrial, Technology &
Life Sciences

Real Estate

Investment

Net Tangible Assets or Revenue or Arm’s Length Financing

C$750,000 net tangible assets; or
C$500,000 revenue; or C$2,000,000 arm’s length financing

If no revenue, two year management plan demonstrating reasonable likelihood of revenue within 24 months.

C$2,000,000 net tangible assets; or $3,000,000 arm’s length financing

C$2,000,000 net tangible assets; or $3,000,000 arm’s length financing

Minimum Cash
in Treasury

Adequate to carry out stated work plan or execute business plan for 18 months following listing.

Adequate to carry out stated work plan or execute business plan for 18 months following listing.

Adequate to carry out stated work plan or execute business plan for 18 months following listing.

Minimum Additional Working Capital

C$100,000

C$100,000

C$100,000

Property

Significant interest in business or primary assets used to carry on business.

Significant interest in real property.

No requirement

Prior Expenditure and Work Program

History of operations or validation of business.

No requirement.

Disclosed investment policy and 50% of available funds must be allocated to at least 2 specific investments.

# of Public Board
Lot Holders

200

200

200

Minimum Free Trading
Public Float

1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.

1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.

1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.

Minimum % of Issued and Outstanding Listed Shares Held by Public

20%

20%

20%

Market value of Issued Securities to be Listed

 No minimum

No minimum

 No minimum

Minimum IPO Price Conducted Concurrent to Listing

C$0.15

C$0.15

C$0.15

Sponsor

Yes(1)

Yes

Yes

Note: (1) The TSX may waive the sponsorship requirement if sufficient 3rd party due diligence has been conducted (ie. underwriter review in concurrent initial public offering.)   

The listing committee for the TSX Venture Exchange will also conduct 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;
  • at minimum of two independent directors;
  • characteristics unique to the company or its business;
  • the distribution and spread of the stock of the company (capital structure); and
  • less than 20% of the issued and outstanding stock of the company held by pro-groups at the time of listing
  • Company's board of directors must agree to abide by the corporate governance requirements of the TSX Venture Exchange.