Technical Guide to Listing

7 Selecting the right market TSX and TSXV are dynamic markets for your company to raise capital. Review the attributes of each Exchange to help you decide which is most suitable for your company. TSX Venture Exchange TSXV is a public venture capital marketplace for emerging companies. It provides a fair marketplace where growth companies can raise capital to develop and market their properties, products and services. For investors, this exchange provides opportunities to seek early stage investments in growth companies. While TSXV continues to demonstrate its strength in attracting resource companies, its 1,000+ issuers represent a diverse mix of industry sectors, including industrial, life sciences, technology, clean technology and financial services. Why list on TSXVenture Exchange? • Access to capital for earlier-stage companies and smaller financings (typical financing range: $500,000 to $20 million) • Multiple financing rounds can allow for successive capital raises at less dilutive rates • Tailored listing and corporate governance requirements for small-cap companies • Access to an active private placement market • Streamlined graduation to TSX • Mentorship program for newly public companies • Cost-effective market for international companies looking to access North American institutional capital • Viable exit strategy to monetize shareholder value Companies listed on TSXV are provided with the opportunity to gain a solid foothold in the public market, with the option of working towards graduation to the senior exchange and gaining access to larger pools of capital. TSXV offers companies a flexible system, whose initial listing requirements are tailored to a company’s industry sector, stage of development, financial performance and operational resources. Toronto Stock Exchange TSX is recognized as a premier international stock exchange known for its standards of fairness and its innovative approach to trading. TSX is the right choice for companies with a solid track record of business management and operation. It offers companies a dynamic market to raise capital, enhanced liquidity, specialized indices, visibility and analyst coverage. While TSX is a global leader when it comes to listing international mining and oil and gas companies, our listed companies represent a broad range of industries from across Canada, the United States and beyond. Companies listed on TSX can issue many different types of securities such as: common shares, preferred shares, convertible debt, warrants and innovative equity-related products such as exchange-traded funds, investment funds and structures. Why list on Toronto Stock Exchange? • Respected, leading global stock exchange with 160+ year history • Access to international institutional investors • Opportunities for greater analyst coverage • Globally visible indices utilized by investors • Pragmatic and efficient regulatory regime • Corporate governance system • Globally recognized Listing on TSX Venture Exchange… Is the right choice for emerging companies, providing access to public venture capital to facilitate their growth. Listing on Toronto Stock Exchange… Is the right choice for well-managed, growth oriented companies with strong performance track records.