TORONTO STOCK EXCHANGE 21 Therefore, applicants listing on TSX pursuant to a Backdoor Listing, QA or Non-CSA IPO with a market capitalization of at least $100 million will be exempt from escrow. All other applicants listing on TSX by way of Backdoor Listing, QA or Non-CSA IPO, will be subject to escrow under the TSX Escrow Policy. Principals of such applicants will be required to place their securities in escrow under an escrow agreement in accordance with the terms of the TSX Escrow Policy, to be administered by TSX. The TSX Escrow Policy employs the same Escrow Form as NP 46-201. (iii) Release Schedule Where the TSX Escrow Policy applies to a non-SPAC applicant, the escrow release schedule is as follows (applicants completing a QA with a SPAC should refer to Part X of the Manual, specifically): Date Release On the date issuer’s securities are listed on TSX 1/4 of the escrow securities 6 months after the listing date 1/3 of the remaining escrow securities 12 months after the listing date 1/2 of the remaining escrow securities 18 months after the listing date the remaining escrow securities NP 46-201 and the Escrow Form may be found on the web sites of CSA members including, but not limited to, the Ontario Securities Commission (www.osc.gov.on.ca).
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