Policy Changes To The TSX Venture Exchange Capital Pool Company Program

On December 1, 2020, the TSX Venture Exchange ("TSXV") announced new policy changes to its "capital pool company" ("CPC") program. The CPC program is a two-step non-traditional listing vehicle that provides private and growth companies the opportunity to access capital through the public markets.

Through the CPC program, seasoned directors and officers are able to form a CPC with no business operations or assets other than cash and have the securities of that entity listed on the TSXV by way of a CPC initial public offering (a "CPC offering"). The CPC then uses the funds raised via its initial seed financing and its CPC offering to identify, evaluate and acquire existing assets or businesses through a "qualifying transaction" ("QT"). Once the CPC completes its QT and acquires an operating business that meets the TSXV listing requirements, its securities continue trading as a regular listing on the TSXV.