Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 09 JULY 2026

First-Ever Listing Of Contingent Value Rights On The TSX

Davies Ward Phillips & Vineberg LLP
Explore more from Davies Ward Phillips & Vineberg LLP

Agnico Eagle's listing of contingent value rights on the Toronto Stock Exchange marks a groundbreaking development in Canadian capital markets, establishing the first-ever CVR listing on a Canadian exchange. This precedent-setting transaction demonstrates how mining companies can bridge valuation gaps in M&A deals through innovative securities structures that provide both liquidity and tax efficiency for investors. The listing through the TSX Sandbox program offers a blueprint for future resource sector tra

CanadaFinance and Banking
Ghaith S. Sibai
Ghaith S. Sibai
Author LinkedIn connections

Introduction

Contingent value rights (CVRs) issued by Agnico Eagle Mines Limited (Agnico Eagle) began trading on the Toronto Stock Exchange (TSX) under the symbol “AEM.CV” on June 18, 2026. This was a watershed moment since it is the first time CVRs have ever been listed on any Canadian stock exchange. Davies acted for Agnico Eagle in connection with this listing, achieved through the TSX Sandbox. This listing not only offers the prospect of meaningful liquidity and transparent price discovery to holders of CVRs but also signals the TSX’s readiness to embrace thoughtfully structured innovative securities.

Key Facts at a Glance

  • First CVR listing on a Canadian exchange (TSX: AEM.CV)
  • Over 200 million CVRs issued; maximum $3.00 cash per CVR over 10 years

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada’s Revised AML Framework: Sweeping Penalties And Compliance Requirements

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.
CanadaFinance and Banking
Miller Thomson
Miller Thomson
Article

The Q3 2026 PE Briefing

The Canadian private equity landscape navigates a transition period marked by prolonged market volatility and stalled exit activity, yet demonstrates resilience through strategic investments in high-growth sectors. Q3 2026 analysis reveals how larger commitments, power and utilities investments, evergreen fund expansion, and healthcare sector dynamics are shaping the market amid escalating trade tensions and evolving investor strategies.
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Key Takeaways From All In 2026: AI Sovereignty, Infrastructure And Canada’s Growing Role

Canada and Germany are making unprecedented investments in AI infrastructure and safety research, while major players like Cohere, OpenAI, and Bell position themselves in a rapidly evolving landscape of technology sovereignty. How will these strategic moves reshape the global AI race and what do they mean for businesses navigating data residency, vendor relationships, and emerging regulatory frameworks?
CanadaStrategy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

From Compliance To The Courtroom: Navigating Canada’s Rapidly Escalating Anti-Money Laundering Enforcement Landscape

Canada's anti-money laundering enforcement regime is undergoing a seismic shift, with FINTRAC issuing record penalties and new legislation increasing penalty caps by up to 40 times. Understanding how to navigate the enforcement pipeline—from examination through Federal Court litigation—is now critical for reporting entities facing unprecedented regulatory scrutiny.
CanadaGovernment, Public Sector
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Investment Canada Act - Guide For Foreign Investors In Canada: 2026

Davies' Investment Canada Act guide provides foreign investors with essential information about national security reviews and net benefit assessments when establishing or acquiring Canadian businesses. The comprehensive resource outlines review processes, timing considerations, and regulatory requirements that non-Canadian entities must navigate when investing in Canada.
CanadaGovernment, Public Sector
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Bill C-36: Rewriting The Rules For Canadian Private Sector Privacy

Canada's proposed Privacy and Consumer Data Act introduces sweeping changes to private sector privacy regulation, including a new enforcement body with unprecedented penalty powers, mandatory cross-border transfer assessments, and enhanced protections for children's data. Organizations operating in Canada face a fundamental shift from PIPEDA's principles-based approach to a prescriptive compliance regime with significant financial and legal consequences.
CanadaPrivacy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

The New Cost Of Environmental Non-Compliance In Québec: $300,000 Per Day

Quebec has dramatically increased minimum environmental fines for designated industrial activities by a factor of ten, with penalties now reaching up to $300,000 per day for contaminant releases. These changes, effective August 13, 2026, apply to nine categories of industrial operations including aluminum smelters, mines, cement plants, and chemical facilities, with fines doubling on first recidivism and tripling thereafter.
CanadaEnvironment
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP