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ARTICLE · 14 DECEMBER 2020

Making A Splash: Changes To TSXV's Capital Pool Company Program Arriving In 2021

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On December 1, 2020, the TSX Venture Exchange (the "TSXV") published a bulletin (PDF) announcing certain amendments to its Capital Pool Company ("CPC") program.

CanadaCorporate/Commercial Law
Jonathan Tong
Jonathan Tong
Syed Rizvi
Syed Rizvi
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Overview

On December 1, 2020, the TSX Venture Exchange (the "TSXV") published a bulletin (PDF) announcing certain amendments to its Capital Pool Company ("CPC") program (PDF). These amendments (the "Policy Amendments"), which come into effect on January 1, 2021, include the following:

  • removal of the 24-month deadline for completing a Qualifying Transaction (as defined below);
  • lower distribution requirements;
  • removal of the tiered nature of the CPC escrow regime and further relaxation of escrow requirements;
  • reduced limitations on directors and officers of CPCs; and
  • transitional provisions allowing issuers at different stages of the CPC process to take advantage of the Policy Amendments.

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