Canada: Listing Rules & Flotation

Les sociétés minières canadiennes font face à une décision stratégique cruciale : s'inscrire à la TSX ou opter pour une bourse américaine comme le NYSE ou le Nasdaq. Cet article examine les avantages distincts de chaque marché, notamment l'expertise sectorielle du Canada, la profondeur des capitaux américains et les implications en matière de coûts, de conformité et de calendrier d'exécution.

Canada's IPO market has undergone fundamental restructuring rather than simple recovery, with companies staying private longer and institutional investors increasingly favoring rigorous long-form offerings over alternative listing structures. The mining sector remains a critical counterweight, representing over $1.1 trillion in market capitalization and demonstrating sustained capital-raising strength even as traditional IPO activity contracted sharply between 2022 and 2024.

Les Autorités canadiennes en valeurs mobilières proposent d'inscrire dans la réglementation les modifications apportées à la dispense pour financement de l'émetteur coté, permettant aux émetteurs de lever jusqu'à 50 M$ CA sans prospectus. Le projet de modification simplifie certaines conditions tout en introduisant de nouvelles exigences d'information pour les émetteurs confrontés à des incertitudes financières.

In 2017, 235 initial coin offerings (ICOs) raised almost US$3.7 billion dollars, an increase of 3700% from 2016.

Raising money to get a new business off the ground has proven to be one of the most challenging obstacles an entrepreneur must overcome

A common challenge that many Canadian issuers are facing, especially in light of the turbulent and unpredictable capital markets in Canada in the past few years, is access to a deep ...

Going public is, expectedly, the goal of many private companies and their founders. There are two methods of taking a private company public—initial public offerings (IPO) and reverse take-overs (RTO)—that draw the most attention in our capital markets and headlines, most often because of the lucrative opportunities or surprising arrangements that they create.

In part 1 of this series, I discussed the importance of setting a good legal groundwork for an early-stage company, focusing on the areas of intellectual property, capital raising and employee relations.

Effective September 10, 2015, the TSX updated its rules regarding exemptions available for eligible interlisted issuers.