TSX Confirms Abbreviated Pricing Timelines Possible Following Release Of Material Information

On May 10, 2018, the Toronto Stock Exchange (TSX) issued a staff notice providing guidance on pricing prospectus and private placement offerings (in either case, an offering) following the release of material information by an issuer. The staff notice confirms that the TSX is willing to consider abbreviated timelines to determine the market price of an offering following the dissemination of material information.

The staff notice builds on the TSX's previous guidance regarding pricing an offering when an issuer possesses undisclosed material information, as is the case when an issuer plans to undertake an offering to finance an undisclosed acquisition (see, staff notice 2016-0006). In such circumstances, the TSX will permit an offering to be priced prior to the release of material information if it is satisfied that the proposed acquisition would not have been approved by the issuer's board of directors, but for the concurrent agreement in respect of an offering to