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ARTICLE · 27 MAY 2025

Canadian Securities Regulators Boost Capital-Raising Capacity Under LIFE Exemption

Davies Ward Phillips & Vineberg LLP
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The Canadian securities regulators have implemented blanket orders increasing the capital-raising limit under the listed issuer financing exemption (the LIFE Exemption), which permits qualified issuers to offer equity securities without a prospectus.

CanadaCorporate/Commercial Law
David Wilson
David Wilson
Nicolas Morin
Nicolas Morin
Valérie Trudeau
Valérie Trudeau
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What's Different Now?

The Canadian securities regulators have implemented blanket orders increasing the capital-raising limit under the listed issuer financing exemption (the LIFE Exemption), which permits qualified issuers to offer equity securities without a prospectus.

A listed issuer may now use the LIFE Exemption to raise (without a prospectus), in any rolling 12-month period, the greater of (i) C$25 million (previously C$5 million) and (ii) 20% (previously 10%) of the aggregate market value of the issuer's listed securities, provided that the total amount raised does not exceed C$50 million (previously C$10 million) within the 12-month period.

The availability of the new limit is subject to, among other conditions, a requirement that the distribution (i) when combined with any other distribution pursuant to the LIFE Exemption in the prior 12-month period, does not result in an increase of more than 50% in the number of the issuer's outstanding listed

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