TSX Restrictions on Prospectus Offerings
|Area||Corporate Finance and Securities|
The Toronto Stock Exchange (the “TSX”) has always had approval rights in respect of prospectus offerings by listed issuers, but until recently this had not represented a meaningful obstacle to financings. To the contrary, because the TSX imposes detailed restrictions on private placements, prospectus offerings were on occasion perceived as a path to completion of a financing that could not practicably meet the requirements for a private placement transaction.
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