Regulatory Alerts2025-05-14
CSA Notice Regarding Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption
The Canadian Securities Administrators have issued Coordinated Blanket Order 45-935 to increase capital raising limits for listed reporting issuers under the Listed Issuer Financing Exemption. The order raises the maximum annual raise from $10 million to $50 million and adjusts dilution calculation rules to exclude certain warrants and modify timing requirements. This relief, effective May 15, 2025, aims to facilitate capital formation while maintaining investor protection through specific distribution restrictions.
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