What Are the Minimum Toronto Stock Exchange Venture (TSX-V) Listing Requirements?

Understanding the listing requirements of each security exchange can help you better guage whether or not your company is ready to go public. In this post, we address the listing requirements for the TSX-V.


Listing Requirements – The TSX Venture Exchange (TSX-V)


The TSX-V is largely focused on up-and-coming companies seeking access to public venture capital and a large investor pool. The minimum distribution requirements for the TSX-V include a public float of 500,000 shares, 200 independent public shareholders, each holding 1 board lot or more and having no resale restrictions, and at least 20% of the issued and outstanding shares held by public shareholders. The underwriters will usually aid in meeting the distribution requirements and it is vital that the underwriters selected have experience with retail distribution.


The TSX-V has specific listing requirements tailored by industry and stage of development. Issuers are classified into different tiers based upon the maturity or state of the company, being either a Tier 1 or Tier 2. Tier 1 is aimed at larger more established companies and therefore have certain listing benefits not available to junior companies listed on Tier 2 of the TSX-V. Tier 2 companies are commonly early stage or junior companies which the TSX-V believes may need more direction than Tier 1 companies. Usually, Tier 2 companies need to obey slightly less aggressive requirements in regard of assets or revenues, working capital and financial resources, and public distribution.


It is important to note that issuers are additionally classified within each tier based upon industry sectors. These sectors include mining, oil and gas, technology or industrial, real estate or investment, and research and development, and may be subject to slightly different requirements based upon the industry.


International companies currently listed on other exchanges do not have to meet specific TSX-V listing requirements but must prove that they are able to satisfy public reporting obligations in Canada. However, the following added requirements for a foreign company looking to list in Canada may be imposed by the TSX-V:

  • Articles of incorporation of the issuer must be reviewed and revised so they are consistent with the Canadian corporate law standards.

  • The issuer must be sponsored by an existing member of the TSX-V or an organization, who is not a member but has access to the trading rights of the TSX and agrees to the TSX-V requirements relating to sponsorship.

  • The issuer must become a reporting issuer by making its public offering in at least Alberta and British Columbia, and in Ontario if it has noteworthy connections with that Province.

  • The issuer must have an office residing in Canada.

  • Some directors of the issuer must have North American reporting issuer experience.


If your company is ready to list on the TSX-V or needs more information in order to make an optimal decision, please contact our team who will gladly answer any questions you may have.


*For more information, please visit the TSX website.


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