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ARTICLE · 21 JANUARY 2016

Exchanges Provide Guidance In Respect Of New Rights Offering Rules

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Effective immediately, both Exchanges have reduced the advance notification period to set the record date for all rights offerings from seven (7) trading days to five (5) trading days.

CanadaCorporate/Commercial Law
André Boivin
André Boivin
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Further to the new rights offering regime adopted by the Canadian Securities Administrators that came into force on December 8, 2015 (see our e-Lert of December 8, 2015), the Toronto Stock Exchange (TSX) has published its new guidance with respect to Section 614 - Rights Offerings of the TSX Company Manual (the Manual). The TSX Venture Exchange (TSXV) has also published a Corporate Finance Bulletin providing guidance with respect to Policy 4.5 - Rights Offerings of the TSX Venture Exchange Corporate Finance Manual.  Both Exchanges intend to amend their formal rules to incorporate the guidance contained in the foregoing publications.

Pre-clearance of Rights Offering Documents

Notwithstanding that a rights offering circular is no longer subject to CSA review and approval prior to delivery to a listed issuer's security holders, both Exchanges will still require the pre-clearance of rights offering documents including the rights offering notice (Form 45-106F14),

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