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ARTICLE · 26 MARCH 2012

Guidance For Issuers With Short-Term Liquidity Concerns Or Inadequate Offering Proceeds

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Over the past year, an important focus of prospectus reviews by securities regulators has been issuers’ short-term liquidity positions and the sufficiency of proceeds that issuers intend to raise. Now, staff of the Canadian Securities

CanadaFinance and Banking
Alexandra Iliopoulos
Alexandra Iliopoulos
Gregory Hogan
Gregory Hogan
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Over the past year, an important focus of prospectus reviews by securities regulators has been issuers' short-term liquidity positions and the sufficiency of proceeds that issuers intend to raise. Now, staff of the Canadian Securities Administrators have published a notice (the "Notice") that articulates their concerns and sets out guidance for dealing with these issues.

CSA Staff Notice 41-307

The Notice was published on March 2, 2012, and is intended to alert issuers (in this case, not investment funds) and their advisors to the CSA staff approach regarding the financial condition of the issuer and the sufficiency of proceeds in the context of a prospectus offering.

Who Should Read the Notice

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