Look Before You List: TSX Issues New Guidance To Listing Applicants

The Toronto Stock Exchange (TSX) recently issued Staff Notice #2013-0003 providing guidance to companies applying to list on the TSX. To aid listing applicants, this article provides a brief summary of the following topics covered in the Staff Notice: (i) the limits of pricing stock options granted prior to an issuer's initial public offering (IPO); (ii) the meaning of "economically interesting grades" within the original listing requirements for companies seeking to list under the mineral exploration and development-stage category; and, (iii) the supporting financial statements submitted with a TSX application. Companies seeking to list should be aware of these updates and consider how the Staff Notice affects their listing applications.