TORONTO STOCK EXCHANGE 11 Pre Income-Producing Companies This category is designed for applicants with operating businesses that do not yet produce significant revenue and for certain real estate investment trusts. There are two streams available pursuant to this category: (i) Expenses Test and (ii) Lease Test. Expenses Test Lease Test Operations Audited income statement demonstrating at least one year of operating expenses to advance the business Audited balance sheet reporting assets under construction AND Signed imminent leases Funding 24-month run rate calculation demonstrating sufficient funding for the period Evidence that the primary business is to generate rental revenue from constructed assets AND 12-month run rate calculation demonstrating sufficient funding for the period Market Support $50,000,000 market capitalization $50,000,000 market capitalization Newly acquired business: Note that as per footnote 6 to Subsection 309(c), if the applicant has operated its primary business for less than one year, TSX Staff may accept audited historical financial statements of the predecessor business, provided there are no material changes to the business at the time of listing. Signed imminent leases: These are executed lease agreements for the assets under construction with a term set to begin within the next 12 months. The assumptions in the 12-month run rate calculation should include funding assumptions for the periods prior to the commencement of the lease term to ensure there is sufficient liquidity until the leases generate cash flows for the business. New Enterprise Companies This category is designed for applicants that do not have an existing business, but have an experienced management team, proof of business concept and adequate funding. There are two streams available pursuant to this category: (i) 12-Month Test and (ii) 24-Month Test. 12-Month Test 24-Month Test Operations Management expertise satisfactory to TSX AND Proof of business concept Management expertise satisfactory to TSX AND Proof of business concept Funding Equity raise of $100,000,000 in the six months preceding the filing of the TSX listing application AND 12-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report 24-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report Market Support $100,000,000 market capitalization $200,000,000 market capitalization
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