TSXV Listing Process
Listing your company on a public marketplace is an important decision. Planning the application process should begin well in advance of the point in time in which you intend to list on TSXV.
An application to list on TSXV must be sponsored by a TSXV member firm, of which there are a number across Canada, each with expertise in the public venture capital marketplace.
Sponsoring members play an important role in the listing process and provide a broad perspective of the company's suitability for going public. You can find a current list of TSXV member firms by clicking here.
The sponsor must consider whether your business meets Exchange guidelines regarding:
- Directors and management expertise;
- Integrity of financial information;
- Minimum listing requirements; and
- Suitability of your business for public listing.
The sponsoring member also helps determine the most appropriate way for a company to go public (e.g. an initial public offering, Capital Pool Company or a reverse takeover).
For more information on becoming a TSXV listed company, please see:
- TSX Venture Policy 2.2 - Sponsorship
- TSX Venture Exchange Comprehensive Checklist
- TSX Venture Exchange Listing Application
Going public is a complex process. In addition to securing a sponsoring member, you will need to establish a team of professional advisors that includes:
- A securities lawyer;
- An investor relations professional; and
- An external auditor.
A securities lawyer and an external auditor will ensure listing documents are accurate and meet all regulatory requirements. An investor relations professional will assist in increasing public awareness of your company through communications directed at existing and potential shareholders, as well as sector analysts.
You should consider the following criteria when selecting your professional advisors:
- Securities experience and specialization in public venture companies;
- Experience in your industry sector;
- Research capability and quality of financial market advice;
- Knowledge of Exchange policies and securities commission requirements; and
- Rapport with your company management.
Click here for a list of questions to ask prospective advisors.
Filing a prospectus
Your prospectus is an extremely detailed and critical document in the going public process, providing investors with the information needed to make informed investment decisions. Successful completion of a prospectus requires the cooperation of management, legal counsel, auditors, securities commissions and the Exchange.
Prospectus filing and review is a five-step process:
- File a preliminary prospectus with the Exchange, your home province securities commission and other provincial jurisdictions where shares will be sold.
- Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies.
- After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form.
- The securities commission will issue a final receipt as acceptance of the prospectus.
- This approval allows your company to begin selling shares in the provincial jurisdictions where a final receipt has been issued.
Your business plan is essential in determining the overall soundness of your business, outlining what your business intends to accomplish and how you will allocate resources to meet those goals. It may be useful to consult with a specialist in business planning to help develop this document. Many books and online tools are also available to help in writing a sound business plan.