TMX group

Important documents

• TSX Venture Exchange comprehensive checklist
• TSX Venture Exchange Listing Application

Member sponsorship

An application to list on TSX Venture Exchange must be sponsored by a TSX Venture member, of which there are a number across Canada, each with expertise in the public venture capital marketplace. You can find a current list of TSX Venture members by clicking here.

Sponsoring members play an important role in the listing process, providing a broad perspective of the company's suitability for going public. The sponsor must consider whether your business meets TSX Venture guidelines regarding:

• Directors and management expertise;
• Integrity of financial information;
• Minimum listing requirements; and
• Suitability of your business for public listing.

The sponsoring member also helps determine the most appropriate way for a company to go public (e.g. an initial public offering, Capital Pool Company or a reverse takeover).

For more information on sponsorship by members, please see TSX Venture Policy 2.2 - Sponsorship.

Professional advisors

Going public is a complex process. In addition to a TSX Venture sponsoring member, you will need to establish a team of professional advisors that includes:

• A securities lawyer;
• An investor relations professional; and
• An external auditor.

A securities lawyers and an external auditor will ensure listing documents are accurate and meet all regulatory requirements. An investor relations professional will assist in increasing public awareness of your company through communications directed at existing and potential shareholders, and at sector analysts.

You should consider the following criteria when selecting your professional advisors:

• Securities experience and specialization in public venture companies;
• Experience in your industry sector;
• Research capability and quality of financial market advice;
• Knowledge of TSX Venture policies and securities commission requirements; and
• Rapport with your company management.

Click here for a list of questions to ask prospective advisors.

Filing a prospectus

Your prospectus is an extremely detailed and critical document in the going public process, providing investors with the information needed to make informed investment decisions. Successful completion of a prospectus requires the co-operation of management, legal counsel, auditors, securities commissions and TSX Venture Exchange.

Filing a prospectus is a five-step process:

1. File a preliminary prospectus with TSX Venture Exchange, as well as with your home province securities commission and other provincial jurisdictions where shares will be sold.
2. Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies.
3. After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form.
4. The securities commission will issue a final receipt as acceptance of the prospectus.
5. This approval allows your company to begin selling shares in the provincial jurisdictions where a final receipt has been issued.

Business plan

Your business plan is essential in determining the overall soundness of your business, outlining what your business intends to accomplish and how you will allocate resources to meet those goals. It may be useful to consult with a specialist in business planning to help develop this document. Many books and online tools are also available to help in writing a sound business plan.