A New Era for the CSE: What Issuers Need to Know

On March 30, 2023, the Canadian Securities Exchange (the “CSE”) announced the approval of significant amendments (the “Amendments”) to their listing policies and forms (the “CSE Policies”) by the applicable securities commissions. The Amendments became effective on April 3, 2023. Issuers that are currently listed on the CSE (“Listed Issuers”), as well as issuers considering listing their securities on the CSE, will need to adhere to the Amendments going forward and, in particular, larger and later-stage Listed Issuers should be aware that the creation of the “Senior Tier” may have notable effects on their continuous disclosure obligations if they are designated as “Non-Venture Issuers." Furthermore, the new shareholder approval requirements for certain corporate finance transactions and for acquisitions, dispositions and certain corporate actions (e.g., consolidations) should be considered by Listed Issuers and discussed with their legal counsel prior to moving forward with any such transactions.

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