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ARTICLE · 12 JUNE 2025

From Escrow To Exit: New TSXV Policy 5.4

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In a noteworthy development for companies (1) considering a new listing on the TSX Venture Exchange ("TSXV"), or (2) that have obtained a new TSXV...

CanadaCorporate/Commercial Law
Martin Ferreira Pinho
Martin Ferreira Pinho
Shanlee von Vegesack
Shanlee von Vegesack
Samuel Li
Samuel Li
Alex Nikolic
Alex Nikolic
Neil Kravitz
Neil Kravitz
Sukhvir Gill
Sukhvir Gill
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Overview and Key Takeaways

In a noteworthy development for companies (1) considering a new listing on the TSX Venture Exchange ("TSXV"), or (2) that have obtained a new TSXV listing within the last 36 months, the TSXV has announced "significant changes" to former TSXV Policy 5.4 – Escrow, Vendor Consideration and Resale Restrictions.

Now entitled Policy 5.4 – Capital Structure, Escrow and Resale Restrictions ("New Policy 5.4") and effective June 2, 2025, the changes apply to new listings, including an initial public offering ("IPO"), reverse takeover, change of business or qualifying transaction. The changes include:

  • The amendment and expansion of the ways an issuer can demonstrate an acceptable capital structure.

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