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TSX – Exploration and
Mining Companies
Listing
Requirements |
|
Requirements |
In Production Mining Companies
(TSX Exempt) |
Pre-Production Feasibility Stage Mining Companies
(Non-Exempt Producer) |
Exploration and Development Mining Companies
(Non Exempt Exploration & Development Stage) |
|
Property Requirements |
3 years proven and probable reserves as estimated by an independent
qualified person. |
3 years proven and probable reserves as estimated by an independent
qualified person. If not in production, a production decision made. |
Advanced Exploration Property. Minimum 50% ownership in the property. |
|
Recommended Work Program |
Commercial level mining operations. |
Bringing the mine into commercial production. |
$750,000 on advanced exploration property as recommended in independent
technical report. |
|
Net Tangible Assets |
$7,500,000 |
$4,000,000 |
$3,000,000 |
|
Pre-Tax Cash Flow
Last Year |
$700,000 in last fiscal year and average of $500,000 for past two
fiscal years. |
N/A |
N/A |
|
Profitability |
Pre-tax profitability from ongoing operations in last fiscal year. |
Evidence indicating a reasonable likelihood of future profitability
supported by a feasibility study or historical production and financial
performance |
N/A |
|
# of Public Board Lot Holders |
300 |
300 |
300 |
|
Minimum Free Trading
Public Float |
1,000,000 |
1,000,000 |
1,000,000 |
|
Value of Free Trading Public Float |
C$4,000,000 |
C$4,000,000 |
C$4,000,000 |
|
Market value of Issued Securities to be Listed |
|
|
|
|
Minimum Cash
in Treasury |
N/A |
Sufficient to bring the property into commercial production. |
Sufficient to complete recommended programs, plus 18 months G&A,
anticipated property payments and capital expenditures.
|
|
Minimum Additional Working Capital |
Adequate working capital to carry on the business. |
Adequate for all budgeted capital expenditures and to carry on the
business. |
C$2,000,000 |
|
Sponsorship Required |
No |
Yes(1) |
Yes(1) |
|
Form 43-101 Technical Report |
Yes. |
Yes. Plus management prepared 18 month projection (by quarter of
sources and use of funds, signed by CFO. |
Yes. Plus management prepared 18 month projection (by quarter of
sources and use of funds, signed by CFO. |
Note:
(1) The TSX may waive the sponsorship requirement if sufficient 3rd party
due diligence has been conducted (ie. underwriter review in concurrent
initial public offering.)
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 independent directors. They
must also have a Toronto Stock Exchange 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
technology, industrial and research and development companies click here
or go to the TSX website.
TSX - Industrial, Technology, Research & Development.
Go to the listing requirements
of other exchanges:
Master Chart Summary,
Amex ,
TSX,
NASDAQNM,
NASDAQSM,
TSX Venture,
CNSX,
OTCBB,
US Pink Sheets
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Alixe
B. Cormick