TSX Amends Rules For Pricing Of Public Offerings

On April 20, 2023, the Toronto Stock Exchange (the "TSX") adopted, and the OSC provided its notice of approval for, certain amendments (the "Amendments") to more clearly define the factors that the TSX will now consider when determining whether a prospectus offering is a bona fide public offering or a private placement offering. The Amendments are effective immediately.

In connection with this, the TSX has issued TSX Staff Notice 2023-0002 (the "Staff Notice"), which replaces TSX Staff Notice 2018-0003 in its entirety, to provide updated guidance on the pricing of a prospectus offering or a private placement offering where there has been recent disclosure of material information.