ARTICLE · 26 AUGUST 2008

TSX Publishes Listing Rules For Special Purpose Acquisition Corporations

Norton Rose Fulbright Canada LLP

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On August 15, 2008, the Toronto Stock Exchange (TSX) published for comments proposed new rules regarding the listing on the exchange of special purpose acquisition corporations (SPACs).

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Norton Rose Fulbright Canada LLP

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INTRODUCTION

On August 15, 2008, the Toronto Stock Exchange (TSX) published for comments proposed new rules regarding the listing on the exchange of special purpose acquisition corporations (SPACs). SPACs are characterized by the fact that, at the time of their initial public offering (IPO), they have no business operations but intend to acquire a yet unidentified operating business. Currently, the TSX requires companies seeking listing to have an existing business and prescribed operating profits. The proposed rules on SPACs follow the introduction of similar rules by the NYSE and the American Stock Exchange and proposed rules of NASDAQ. Comments on the TSX rules must be received by the TSX by September 15, 2008.

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