Introducing TSX Sandbox, a new listings initiative 

Toronto Stock Exchange (“TSX”) is providing guidance with respect to its exercise of discretion in the application of (i) original listing criteria and (ii) listing standards applicable to transactions involving changes in the capital structure of listed issuers, which TSX refers to as the “TSX Sandbox”.

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A NEW LISTINGS INITIATIVE

Copyright © 2019 TSX Inc. All rights reserved.

Post-Trade

CDCC

CDS

First of its Kind

Toronto Stock Exchange is proud to launch TSX Sandbox - the only stock exchange "sandbox" programme to bring exceptional/novel entrants to the capital markets.

Encourages Innovation

Provides support for novel financing structures proposed by issuers already listed on TSX.

Relevant to new applicants in all sectors, including the innovation space, which have high growth potential but do not meet traditional criteria such as profitability or operating history. 

Customizable

TSX Sandbox does not include a prescribed list of eligibility factors or conditions to achieve TSX listing - both are adapted to the individual applicant.

Pragmatic

If an applicant is suited for the senior public market, TSX Sandbox provides a route to listing if the applicant wouldn't otherwise meet standard TSX listing requirements.  The focus is on the outcome:  broadening capital markets participation in a transparent way with  accountability  to maintain market quality.

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TMX Event Announcement

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BENEFITS

TORONTO STOCK EXCHANGE

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CONTACT US FOR MORE INFORMATION

Anne Child
Senior Manager, Listed Issuer Services

+1 403-218-2859
anne.child@tmx.com 

+1 403-218-2859 | anne.child@tmx.com

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RECENT TSX SANDBOX LISTINGS

Waivers / Exemptions Granted:  waiver of s. 309(c)(i) of TSX Company Manual (requirement for a minimum of $10,000,000 in the treasury, the majority of which has been raised by the issuance of securities qualified for distribution by a prospectus).   

Sandbox Specific Listing Condition:  appointment of a corporate secretary with TSX public company experience.

Exit Conditions:  

(1) receipt of a prospectus (including a non-offering prospectus); and 
(2) no significant compliance issues for a 12-month period

TSX: HUT

TSX: FXC, FXC.WT

Waivers / Exemptions Granted:  Sections 309(a)(ii) & (iii) of the TSX Company Manual (requirements for historical earnings and pre-tax cash flow). 

Sandbox Specific Listing Condition:  Public offering resulting in minimum gross proceeds of $50 million. 

Exit Conditions:  

(1)  Deployment of 50% of the proceeds raised pursuant to the public offering and the accompanying private placement to Fax Investments Inc.; and
(2)  Public filing of interim financial statements reflecting a full quarter of operating history subsequent to listing on TSX.