On September 16, 2020, the TSX Venture Exchange (the
“TSXV”) announced an extension to the
temporary relief (the “Relief”)
granted to issuers from the minimum pricing requirements set out in
the TSXV Corporate Finance Manual (the
“Manual”). The Relief, which was
previously announced on April 8, 2020 in response to the hardship
facing issuers at the outset of the COVID-19 pandemic, reduced the
minimum price at which listed shares may be issued in private
placements, public offerings, shares for debt transactions and as
bonuses for loans or guarantees.
The Relief provides that if an issuer's Market Price (as
defined in the Manual) is $0.05 or less, the minimum price at which
the issuer is permitted to issue its Listed Shares (as defined in
the Manual) is equal to the Market Price, subject to a minimum
price of $0.01 per share. Before the Relief was granted, the
minimum allowable issue price for Listed Shares was $0.05 per
share. The Relief further provides that if the
