TORONTO STOCK EXCHANGE 10 Part II – Listing Categories The following is an overview of the categories available for listing on TSX. Please refer to Part III of the Manual for further details. (i) Diversified Companies There are three categories available to applicants in the diversified sector: (i) Income & Revenue-Producing Companies, (ii) Pre Income-Producing Companies and (iii) New Enterprise Companies. Note that applicants required to produce a technical report pursuant to either National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) or National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), must apply pursuant to Sections 314 or 319 of the Manual, respectively, as per footnote 1 to Section 309. Income & Revenue-Producing Companies This category is designed for applicants with mature businesses that produce income or have significant revenues. There are two streams available pursuant to this category: (i) Income Test and (ii) Revenue Test. Income Test Revenue Test Operations Annual audited pre-tax net income from continuing operations in the fiscal year immediately preceding the TSX listing application: $750,000 Annual audited revenue in the fiscal year immediately preceding the TSX listing application: $10,000,000 Funding Appropriate capital structure as evidenced by: Positive working capital in the most recent interim and audited annual periods OR Alternate evidence of liquidity Positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements OR 12-month run rate calculation demonstrating sufficient funding for the period Market Support $100,000,000 market capitalization $100,000,000 market capitalization Cash flow from operations: As per footnote 3 to Subsection 309(a), this is calculated as cash flow from operating activities before changes in working capital. If the applicant is unable to demonstrate positive cash flow on both an interim and annual basis due to seasonality or other material developments, TSX Staff may look to alternate evidence of liquidity, such as undrawn capacity on available credit facilities, or other firm funding commitments.
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