20 Listing requirements TSX and TSXV have original listing requirements for listing your company depending on your industry sector. The sectors include: • Mineral exploration and mining; • Oil and gas; • Industrial; • Research & development; • Technology; • Investment funds and structured products; and • Real estate (TSXV only) TSX and TSXV divide certain industry segments into two tiers, based on the stage of development, historical financial performance, and the financial resources of the issuer. TSX refers to its more established companies as exempt companies and less established ones as non-exempt companies. TSXV refers to its more established companies as Tier 1 issuers and less established ones as Tier 2 issuers. Both TSX and TSXV have original listing requirements consisting of certain financial tests, working capital, public distribution, market capitalization, work programs, property valuations, management and board composition requirements that must be met; these vary according to individual industry sectors. TSX companies are usually established, well-capitalized businesses. However, TSX’s requirements also set out criteria for listing companies that have not yet reached profitability at the time of listing, but are able to meet alternative criteria. Technology, biotechnology and mineral or oil and gas exploration companies that have not yet reached profitability at the time of listing may be able to list on TSX if the specific sector requirements for these companies are met. TSXV companies are usually at an earlier stage of their development and are not required to have advanced to profitability. The financial requirements and listing requirements are appropriately reduced to reflect this. A company could be at the development stage, having cleared technology, marketing and manufacturing hurdles, but yet to show a profit. The TSX and TSX Venture business development team will work with a company to determine if it is likely to meet the listing requirements. A full list of listing requirements for Exploration and Mining Companies can be found in Appendix A; Oil & Gas Companies can be found in Appendix B; and Industrial, Technology, and Research and Development companies can be found in Appendix C.
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