11 Mapping Out the Going Public Process Here is an at-a-glance overview of the going public process for listing on TSX or TSXV. The individual steps will be reviewed in further detail in later chapters. The amount of time required depends on the complexity of the company, current governance and reporting capabilities, the advisory team, the quality of the documentation and the number of outstanding issues. STEPS Management assessment 1. Determine if going public is consistent with your company’s business objectives. 2. Review your business plan and policies. 3. Determine if external financing is required to further the business plan. 4. Review the company’s financials using three years of statements, if available. 5. Consider the tax implications of going public. 6. With management, determine if you are ready to go public. 7. With management, interview and select an experienced team of professional advisors: a. Underwriter/Investment Dealer (may also be your Sponsor, if required); b. Auditor; c. Securities lawyer; d. Investor relations firm, if required. 8. Enlist a sponsor, if required (and if underwriter is not filling this role). Going public preparation 9. Organize the company’s internal documentation to ensure the prospectus and due diligence are completed efficiently. 10. Prepare for ongoing continuous disclosure obligations. 11. Determine if the current Board of Directors is suitable and meets the regulatory requirements that apply to a public company. 12. Create an audit committee. 13. Develop a public company mindset. 14. Determine how your company will communicate its message to the investment community. 15. Determine whether your company meets the initial listing requirements of your chosen Exchange. 16. Contact a TSX Business Development professional for a pre-assessment meeting.
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