You can review the TSE listing requirements on the TSE web site. This covers the relevant information. I see no mention of price requirements.
tse.com click on "Listing Requirements for Canadian Industrial Companies"
MINIMUM LISTING REQUIREMENTS FOR INDUSTRIAL COMPANIES
(Subject to OSC approval)
309(c) Research and Development Companies
i.a minimum of $12,000,000 in the treasury, the majority of which has been raised by
the issuance of securities qualified for distribution by a prospectus;
ii.adequate funds to cover all planned research and development expenditures, general and
administrative expenses, and capital expenditures for a period of at least 2 years. A
projection of sources and uses of funds covering the period (by quarter) must be
submitted5;
iii.a minimum two year operating history that includes research and development activities;
and
iv.evidence, satisfactory to the Exchange, that the company has the technical expertise and
resources to advance the company's research and development programme(s)6.
Sec. 312. Sponsorship or Affiliation
Sponsorship of an applicant company by a member firm of the Exchange is required for
companies applying to list under the subsections 309(a), 309(b), and 309(c). Sponsorship or
affiliation with an established enterprise can be a significant factor in the determination of the
suitability of the company for listing, particularly where the company only narrowly meets the
prescribed minimum listing requirements. Consideration will be given to the nature of the
sponsorship or affiliation. In addition to the requirements detailed in Section 326 for Sponsorship
Of Companies Seeking Listing on the Exchange, sponsors for industrial applicants should also be
responsible for reviewing and commenting on:
a.all visits to and/or inspections of the applicant's principal facilities and/or offices;
b.any future oriented financial information that has been provided with the application;
c.management's experience and technical expertise relevant to the company's business; and
d.all other relevant factors including those listed in footnotes 5 and 6 applicable for
research and development companies.
Sec. 313. Other Factors
The Exchange may, in its discretion, take into account any factors it considers relevant in
assessing the merits of a listing application and may refuse to grant an application
notwithstanding that the prescribed minimum listing requirements are met.
Footnotes
1.Section 19.09 requires listed companies to obtain prior Exchange acceptance for filing of all
proposed material changes, including changes which do not entail an issuance of securities as
detailed in Part V of the Company Manual.
2.Consideration will be given to permitting the inclusion of deferred development charges or
other intangible assets in the calculation of net tangible assets if, in the opinion of the
Exchange, the circumstances so warrant.
3.Companies with less than $2,000,000 in net tangible assets may qualify for listing if they
meet the earnings and cash flow requirements detailed in Section 309.1(ii) and (iii).
4.As a general rule, applicants should file a complete set of forecast financial statements
covering the current and/or the next fiscal year (on a quarterly basis), accompanied by an
independent auditor's opinion that complies with the CICA Auditing Standards for future
oriented financial information. The applicant should have at least six months of operating
history, including gross revenues at commercial levels for the last six months.
5.As a general rule, the projection should exclude cash flows from future revenues, uncommitted
payments from third parties or other contingent cash receipts.
6.The Exchange will consider all relevant factors including:
a.the stage of development of the company's products or services and prospects for
commercialization;
b.commercial or technical endorsements of the company's products or services from
recognized academic institutions or industry participants;
c.the existing or potential markets for the company's products or services and the
marketing infrastructure and sales support necessary to service these markets;
d.the background and expertise of management including its record of raising funds
to finance research and development projects and on-going operations;
e.the existence and composition of any scientific advisory board; and
f.affiliations with major industry enterprises or strategic partners.
Sponsorship
Member firms play a key role in creating and supporting the market for a listed company's stock.
Accordingly, a sponsorship letter from a TSE member firm can be particularly helpful for a
company that only narrowly meets the numerical listing requirements. The letter describes the
member firm's assessment of the company, while addressing any specific concerns the TSE may
have.
Financial condition and prospects
Recognizing that companies in different sectors have distinctive characteristics, the TSE has
established separate financial criteria for three types of company: industrial, oil and gas, and
mining. Within each category, there are two levels of financial standards. The first applies to
established companies with strong balance sheets that have met prescribed levels of pre-tax
profitability and cash flow in the previous year. The second level relates to more junior companies
that may have lower levels of net tangible assets, cash flow or profit. Once listed, such junior
companies are subject to close regulation by the TSE; for example, these companies require the
TSE's consent before making any material change to the company's business or affairs.
Here is a list of TSE members eligible to sponsor: tse.com
I suspect First Marathon Securities Ltd will be IZP"s Sponsor.
First Marathon Securities Limited
416.869.3707
fmarathon.com
Retail, full service
Institutional trading
Corporate finance
Options trading
Fixed Income, Equity & Mutual Fund
trading
Portfolio investment management
Foreign exchange trading
Liability/pro trading
Jitneying & clearing
For information on the listing process:
tse.com Click on "listing process"
The entire process, from initial application to conditional approval, typically takes at least six to eight weeks. (This time may be shorter if the application is filed in conjunction with a prospectus.)
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