[dvmd_table_maker _builder_version=”4.16″ _module_preset=”86496f39-6b03-42c6-9aea-5c08804fcc5e” animation_style=”flip” global_colors_info=”{}”][dvmd_table_maker_item col_label=”Column 1″ col_content=”Sector Clean Technology & Renewable Energy Closed-End Funds Communications & Media Consumer Products & Services SPAC ETFs Financial Services Industrial Products & Services Life Sciences Mining Oil & Gas Real Estate Technology Utilities & Pipelines Total” col_column_max_width=”2.2fr” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 2″ col_content=”Listed Issuers # of listings 31 83 21 69 2 790 75 120 56 202 61 57 52 18 1,637″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 3″ col_content=” % of Listings 2% 5% 1% 4% 0.10% 48% 5% 7% 3% 12% 4% 3% 3% 1% 100%” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 4″ col_content=”Total Market Cap ($ millions) 68,371 21,604 191,377 293,041 547 229,015 739,804 374,898 31,964 469,979 97,646 91,253 281,367 248,820 3,085,686″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 5″ col_content=” % 2% 1% 6% 8% 0.02% 7% 24% 12% 1% 15% 3% 3% 9% 8% 100%” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][/dvmd_table_maker][dvmd_table_maker tbl_responsive_display_as=”accordion” tbl_scrolling_active=”on” tbl_scrolling_col_sticky=”on” tbl_scrolling_row_sticky=”on” tbl_tcell_cell_color=”#E02B20″ tbl_chead_cell_align_horz=”center” tbl_chead_cell_align_vert=”center” _builder_version=”4.16″ _module_preset=”default” tbl_tcell_text_font=”||||||||” tbl_tcell_text_text_color=”#FFFFFF” tbl_chead_text_font=”||||||||” tbl_chead_text_font_size=”1px” tbl_rhead_text_font=”||||||||” animation_style=”zoom” border_radii=”off|10px|10px|10px|10px” border_color_all=”#FFFFFF” border_style_all=”solid” border_radii_tbl_tcell_cell_border=”on|10px|10px|10px|10px” global_colors_info=”{}”][dvmd_table_maker_item col_label=”Column 1″ col_content=”Requirement Earnings or Revenue Cash Flow Net Tangible Assets Adequate Working Capital & Capital Structure Cash in Treasury Products & Services Management & Board of Directors Public Distribution and Market Capitalization Sponsorship” col_column_max_width=”1.1fr” col_column_min_width=”109px” col_tcell_cell_align_horz=”left” col_tcell_cell_align_vert=”center” col_tcell_text_wrap=”normal” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 2″ col_content=”TSX NON-EXEMPT TECHNOLOGY ISSUERS – – – Funds to cover all planned development expenditures, capital expenditures, and G&A expenses for one year. Minimum $10,000,000 in the treasury, the majority of which has been raised by the issuance of securities qualified for distribution by a prospectus. Evidence (satisfactory to TSX) that products or services at an advanced stage of development or commercialization and that management has the expertise and resources to develop the business. Management, including the board of directors, should have adequate experience and technical expertise relevant to the company’s business and industry as well as adequate public company experience. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Minimum 1,000,000 free trading public shares.

Minimum $10,000,000 held by public shareholders.

300 public shareholders each holding a board lot.
Minimum $50,000,000 market capitalization. Sponsor Report may be required (generallynot required for IPOs or TSXV Graduates).” _builder_version=”4.16″ _module_preset=”default” col_tcell_text_font=”||||||||” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 3″ col_content=”TSX Non-EXempt Research and Development (R&D) Issuers – – – Funds to cover all planned R&D expenditures, capital expenditures and G&A expenses for two years. Minimum $12,000,000 in the treasury, the majority of whch has been raised by the issuance of securities qualified for distribution by a prospectus. Minimum two year operating history that includes R&D activities. Evidence (satisfactory to TSX) of technical expertise and resources to advance its research and development programme(s). Minimum 1,000,000 free trading public shares.

Minimum $4,000,000 held by public shareholders.

300 public shareholders each holding a board lot or more.” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 4″ col_content=”TSX Non-Exempt Forecasting Profitability Evidence of earnings from on-going operations for the current or next fiscal year of at least $200,000 before tax and extraordinary items. Evidence of pre-tax cash flow for the current or next fiscal year of at least $500,000. $7,500,000 Working capital to carry on the business, and an appropriate capital structure. – –” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 5″ col_content=”TSX Non-Exempt Profitable Issuers Earnings from on-going operations of at least $200,000 before tax and extraordinary items in the last fiscal year. Pre-tax cash flow of $500,000 in the last fiscal year. $2,000,000 – – ” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 6″ col_content=”TSX Exempt industrial Companies Earnings from on-going operations of at least $300,000 before tax and extraordinary items in the last fiscal year. Pre-tax cash flow of $700,000 in the last fiscal year, and an average pre-tax cash flow of $500,000 for the past two fiscal years. $7,500,000 – – Not required” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][/dvmd_table_maker]

2. Mining Companies

[dvmd_table_maker tbl_responsive_display_as=”accordion” tbl_scrolling_active=”on” tbl_scrolling_col_sticky=”on” tbl_scrolling_row_sticky=”on” tbl_tcell_cell_color=”#E02B20″ tbl_chead_cell_align_horz=”center” tbl_chead_cell_align_vert=”center” _builder_version=”4.16″ _module_preset=”default” tbl_tcell_text_font=”||||||||” tbl_tcell_text_text_color=”#FFFFFF” animation_style=”zoom” border_radii=”off|10px|10px|10px|10px” border_color_all=”#FFFFFF” border_style_all=”solid” border_radii_tbl_tcell_cell_border=”on|10px|10px|10px|10px” global_colors_info=”{}”][dvmd_table_maker_item col_label=”Column 1″ col_content=”Requirement Property Requirements Recommended Work Program Working Capital and Financial Resources Net Tangible Assets, Earnings or Revenue Other Criteria Management & Board of Directors Distribution, Market Capitalization and Public Float Sponsorship” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 2″ col_content=”TSX Non-Exempt Exploration and Development Stage Advanced Property detailed in technical report prepared by an independent qualified person. Minimum 50% ownership of property. $750,000 on advanced exploration property as recommended in a technical report prepared by an independent qualified person. Minimum $2,000,000 working capital and appropriate capital structure. Sufficient funds to complete planned programme meeting G&A costs, property payments and capital expenditures for 18 months. $3,000,000 net tangible assets. Management-prepared 18 month projection (by quarter) of sources and uses of funds detailing all expenditures and signed by CFO. Management, including board of directors, should have adequate experience and technical expertise relevant to the company’s mining projects as well as adequate public company experience. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Minimum 1,000,000 freely tradeable shares with market value of $4,000,000 held by at least 300 public holders, each with one board lot or more. Sponsor Report may be required (generally not required for IPOs or TSXV Graduates).” _builder_version=”4.16″ _module_preset=”default” col_tcell_text_font=”||||||||” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 3″ col_content=”TSX NON-EXEMPT Producer At least three years proven and probable reserves as calculated by an independent qualified person (if not in production, a production decision made). Bringing the mine into commercial production. Sufficient funds to bring the mine into commercial production; plus adequate working capital for all budgeted capital expenditures and to carry on the business. $4,000,000 net tangible assets; evidence indicating a reasonable likelihood of future profitability supported by a feasibility study or documented historical production and financial performance.” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 4″ col_content=”TSX Exempt At least three years proven and probable reserves as estimated by an independent qualified person. Commercial level mining operations. Adequate working capital to carry on the business. Appropriate capital structure. $7,500,000 net tangible assets; pre-tax profitability from ongoing operations in last fiscal year; pre-tax cash flow of $700,000 in last fiscal year and average pre-tax cash flow of $500,000 for past two fiscal years. Up-to-date, comprehensive technical report prepared by independent qualified person. Not required.” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][/dvmd_table_maker]

3. Oil & Gas (Exploration or Producing) Companies

[dvmd_table_maker tbl_responsive_breakpoint=”max_width_767″ tbl_responsive_display_as=”accordion” tbl_responsive_block_margin=”20px” tbl_scrolling_active=”on” tbl_scrolling_row_sticky=”on” tbl_tcell_cell_color=”#E02B20″ tbl_chead_cell_align_horz=”center” tbl_chead_cell_align_vert=”center” _builder_version=”4.16″ _module_preset=”default” tbl_tcell_text_font=”||||||||” tbl_tcell_text_text_color=”#FFFFFF” animation_style=”zoom” border_radii=”off|10px|10px|10px|10px” border_color_all=”#FFFFFF” border_style_all=”solid” border_radii_tbl_tcell_cell_border=”on|10px|10px|10px|10px” global_colors_info=”{}”][dvmd_table_maker_item col_label=”Column 1″ col_content=”Requirement Net Tangible Assets or Earnings Working Capital and Financial Resources Distribution, Market Capitalization and Public Float Sponsorship Property Requirements Recommended WorkProgram Management and Board of Directors Other Criteria” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 2″ col_content=”TSX NON-EXEMPT OIL AND GAS DEVELOPMENT STAGE ISSUERS No requirements. Adequate funds to either:
(a) execute the development plan and cover all other capital expenditures & G&A and debt service expenses, for 18 months with a contingency allowance;
OR
(b) bring the property into commercial production, and adequate working capital to fund all budgeted capital expenditures and carry on the business.

Applicable to both (a) and (b)

18 month projection of sources and uses of funds signed by CFO; appropriate capital structure. At least 1,000,000 freely tradable shares with an aggregate market value of $4,000,000; minimum 300 public holders, each with one board lot or more.

Minimum market value of the issued securities that are to be listed of at least $200,000,000.
Sponsor report may be required (generally not required for IPOs or TSXV Graduates). Contingent resources of $500,000,000 Clearly defined development plan, satisfactory to TSX, which can reasonably be expected to advance the property. Management, including the board of directors, should have adequate experience and technical expertise relevant to the company’s oil and gas projects as well as adequate public company experience. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Up-to-date technical report prepared by an independent technical consultant (NI 51-101).” _builder_version=”4.16″ _module_preset=”default” col_tcell_text_font=”||||||||” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 3″ col_content=”TSX NON-EXEMPT Oil and Gas Producing Issuers Adequate funds to execute the program and cover all other capital expenditures and G&A1 and debt service expenses for 18 months with a contingency allowance; 18 month projection of sources and uses of funds signed by CFO; appropriate capital structure. At least 1,000,000 freely tradable shares with an aggregate market value of $4,000,000; minimum 300 public holders, each with one board lot or more. $3,000,000 proved developed reserves. Clearly defined program to increase reserves.” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 4″ col_content=”TSX Exempt Oil and Gas Issuers Pre-tax profitability from ongoing operations in last fiscal year. Pre-tax cash flow from ongoing operations of $700,000 in last fiscal year and average pre-tax cash flow from ongoing operations of $500,000 for the past two fiscal years. Adequate working capital to carry on the business. Appropriate capital structure. Not required $7,500,000 proved developed reserves – ” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][/dvmd_table_maker]

In addition, TSX also offers Special Purpose Acquisition Corporation (“SPAC”) listings.  You can learn more about SPACs here.

TSX Listing  & Annual Fees

Following is an overview of listing and annual fees for the TSX.  Keep in mind their are other associated fees in going public as well as the cost of being public.

TSX Application Fee

There is a non-refundable application fee of $10,000 when submitting the application and will be subtracted from the listing fee.

TSX Listing Fee

[dvmd_table_maker tbl_column_footer_count=”1″ tbl_row_header_count=”0″ tbl_column_max_width=”1.2fr” tbl_responsive_breakpoint=”none” tbl_scrolling_active=”on” tbl_icon_type=”+||divi||400″ tbl_icon_size=”1px” tbl_icon_color=”#000000″ tbl_tcell_cell_color=”#E02B20″ tbl_tcell_cell_align_horz=”center” tbl_tcell_cell_align_vert=”center” tbl_tcell_cell_padding=”10px|10px|10px|10px|false|false” tbl_chead_cell_align_horz=”center” tbl_cfoot_cell_color=”#0C71C3″ _builder_version=”4.16″ _module_preset=”default” tbl_tcell_text_font=”||||||||” tbl_tcell_text_text_color=”#FFFFFF” tbl_chead_text_font=”|700|||||||” tbl_cfoot_text_font=”|700|||||||” tbl_cfoot_text_text_color=”#FFFFFF” animation_style=”bounce” border_radii=”on|10px|10px|10px|10px” border_color_all=”#FFFFFF” border_style_all=”solid” border_radii_tbl_tcell_cell_border=”on|5px|5px|5px|5px” border_width_all_tbl_tcell_cell_border=”0px” border_style_all_tbl_tcell_cell_border=”outset” global_colors_info=”{}”][dvmd_table_maker_item col_label=”Column 1″ col_content=”Base $0 $5M $10M $50M $100M Maximum fee $200,000” col_column_max_width=”0.3fr” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 2″ col_content=”Listing Capitalization up to $5M up to $10M up to $50M up to $100M and above” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 3″ col_content=”Base Fee $10,000 $17,100 $23,950 $76,750 $140,250″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 4″ col_content=”+Variable Fee Rate for Listing Capitalization in Excess of Base Listing Capitalization 0.142% 0.137% 0.132% 0.127% 0.122%” col_column_max_width=”3.1fr” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][/dvmd_table_maker]

TSX Annual Fee

[dvmd_table_maker tbl_column_footer_count=”1″ tbl_row_header_count=”0″ tbl_column_max_width=”1.4fr” tbl_responsive_breakpoint=”none” tbl_scrolling_active=”on” tbl_tcell_cell_color=”#E02B20″ tbl_tcell_cell_align_horz=”center” tbl_tcell_cell_align_vert=”center” tbl_tcell_cell_padding=”10px|10px|10px|10px|false|false” tbl_chead_cell_align_horz=”center” tbl_cfoot_cell_color=”#0C71C3″ _builder_version=”4.16″ _module_preset=”default” tbl_tcell_text_font=”||||||||” tbl_tcell_text_text_color=”#FFFFFF” tbl_chead_text_font=”|700|||||||” tbl_cfoot_text_font=”|700|||||||” tbl_cfoot_text_text_color=”#FFFFFF” animation_style=”bounce” border_radii=”on|10px|10px|10px|10px” border_color_all=”#FFFFFF” border_style_all=”solid” border_radii_tbl_tcell_cell_border=”on|5px|5px|5px|5px” border_width_all_tbl_tcell_cell_border=”0px” border_style_all_tbl_tcell_cell_border=”outset” global_colors_info=”{}”][dvmd_table_maker_item col_label=”Column 1″ col_content=”Base $0 $100M $300M $700M Maximum fee $125,000” col_column_max_width=”0.3fr” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 2″ col_content=”Market Capitalization up to $100M up to $300M up to $700M and above” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 3″ col_content=”Base Fee $12,000 $24,000 $44,000 $76,000″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][dvmd_table_maker_item col_label=”Column 4″ col_content=”+Variable Fee Rate for Market Capitalization in Excess of Base Market Capitalization 0.012% 0.010% 0.008% 0.006%” col_column_max_width=”3.1fr” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/dvmd_table_maker_item][/dvmd_table_maker]

In conclusion, the Toronto Stock Exchange being the largest exchange in Canada has the highest listing standards and requirements.    If you are looking at listing your company on the TSX or one of the other 4 stock exchanges in Canada such as the TSX Venture – TSXV, the Neo Exchange – Neo, or the Canadian Securities Exchange – CSE please fill in the form to the right and we will be happy to discuss.