TSX Venture Exchange

TSX Venture Exchange - TSX Venture

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.

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 c. Sponsor and two year management plan demonstrating reasonable likelihood of revenue within 24 months	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.

Go to the listing requirements of other exchanges:

Master Chart Summary, Amex , TSX, NASDAQ^NM, NASDAQ^SM, TSX Venture, BBX, OTCBB, US Pink Sheets

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