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On July 29, 2016, significant proposed policy changes (the “Amendments”) previously announced by the Canadian Securities Exchange (the “Exchange”) received approval from the Ontario Securities Commission and are now effective.

A few Amendments are summarized below:

$200,000 Minimum Working Capital for Non-Operating Companies

In order to qualify for listing, an issuer that does not earn revenues is required to have at least $200,000 in working capital (after paying out listing expenses). An issuer may be required to have additional working capital if the issuer will require more than $200,000 in order to meet its proposed business objectives during the first 12 months following listing.

Minimum $75,000 in Previous Exploration Expenditures and Minimum $100,000 Phase One Exploration Program

In order to qualify for listing, an exploration stage mineral resource issuer must have an owned or optioned property on which at least $75,000 of qualifying expenditures has been spent by the issuer or predecessor during the most recent 36 months. The issuer must also have a budget of at least $100,000 for the first phase of exploration following listing.

Qualifying expenditures include exploration expenditures related to geological and scientific surveys to advance mineral project but do not include general and administrative, land maintenance, property acquisition or payments, staking, investor or public relations, non-domestic flight expenditures or taxes.

Fundamental Change May Require Shareholder Approval

The Exchange will require approval from majority of the minority of the shareholders of an issuer in order to complete a fundamental change or change of business if the issuer has been listed for less than 12 months.

The above summary does not cover all of the Amendments. A full description of the Amendments is available here. For additional information, contact any member of O'Neill Law Corporation. Contact information can be found here.

About O'Neill Law Corporation

O'Neill Law Corporation is a boutique law firm located in Vancouver, British Columbia that focuses on Canadian and U.S. securities law, mergers and acquisitions, corporate law and commercial law. O'Neill Law Corporation has a particularly strong focus on U.S. and Canadian cross-border transactions and issues. Each lawyer at O'Neill Law Corporation is licensed to practice law in British Columbia and at least one jurisdiction in the United States.

The information and links in this post should not be treated by readers as legal advice and should not be relied upon without seeking detailed legal advice

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