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Listing Requirements of the Toronto Stock Exchange -
TSX
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 The
Toronto Stock Exchange has different listing
requirements for natural resource, finance, and industrial and technology
companies. The attached chart addresses the requirements of
industrial & technology companies only. The listing staff at the
Toronto Stock Exchange are always open to talk to corporate executives who
are considering listing on the TSX.
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TSX - Industrial & Technology Companies
Listing Requirements |
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Requirements |
Senior Companies |
Profitable Companies |
Companies Forecasting Profitability |
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Pre-Tax Income Last Year |
C$300,000 |
C$200,000 |
C$200,000 (Evidence for current or next
fiscal year) |
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Pre-Tax Cash Flow Last Year |
C$700,000 |
C$500,000 |
C$500,000 (Evidence for current or next
fiscal year) |
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Pre-Tax Cash Flow Average in Last Two Years |
C$500,000 |
N/A |
N/A |
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Net Tangible Assets |
C$7,500,000 |
C$2,000,000 |
C$7,500,000 |
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# of Public Board Lot Holders |
300 |
300 |
300 |
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Public Float (Shares) |
1,000,000 |
1,000,000 |
1,000,000 |
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Price |
No Minimum |
No Minimum |
No Minimum |
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Market value public float |
a. C$4,000,000 (All but technology)
b. C$10,000,000 (technology companies) |
a. C$4,000,000 (All but technology)
b. C$10,000,000 (technology companies) |
a. C$4,000,000 (All but technology)
b. C$10,000,000 (technology companies) |
The Toronto Stock Exchange imposes additional requirements on technology,
research and development and foreign companies.
The additional requirements for technology companies include:
C$10 million in treasury;
funds to cover all planned development, capital
expenditures, general and administrative expenses for one year;
C$ 50,000,000 market value of the listed issued
securities; and
evidence of advanced stage development or
commercialization of product/services.
The additional requirements for research and development
companies include:
C$12 million in treasury;
funds to cover all planned research and development
expenditures, general, administrative and capital expenses for one year;
C$ 50,000,000 market value of the listed issued
securities;
minimum 2 year operating history that includes
research and development expenditures; and
evidence the company has the technical expertise and
resources to advance its research and development programs
The listing staff of the Toronto Stock Exchange will
also look at the suitability of all officers, directors and stockholders
holding 10% or more of the company's stock. Companies must have at least
two Canadian resident directors unless listing as a foreign company. They
must also have a TSE participating organization sponsor their listing
unless they meet the senior company listing criteria.
All companies listed on the Toronto Stock Exchange must agree to abide by
the corporate governance requirements of the exchange.
For the listing criteria of mining companies click here to go to the TSX
website.
TSX - Mining.
Go to the listing requirements
of other exchanges:
Master Chart Summary,
Amex ,
TSX,
NASDAQNM,
NASDAQSM,
TSX Venture,
CNQ,
OTCBB,
US Pink Sheets
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 Alixe
B. Cormick
Venture Law Corporation
618 - 688 West Hastings Street
Vancouver, B.C.
V6B 1P1
Phone: 604-659-9188
Fax: 604-659-9178
E-mail Us |
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