Private Placement Stock Exchange Requirements (TSX, TSXV)

Summary

This practice note discusses the rules of the two major Canadian stock exchanges (the Toronto Stock Exchange ("TSX") and TSX Venture Exchange ("TSXV")) in respect of private placements by issuers whose securities are listed on those exchanges. A private placement is an issuance from treasury of securities for cash without prospectus disclosure in reliance on one or more of the exemptions contained in securities laws.