Regulatory Alerts2025-05-14
CSA Staff Notice 45-330: Frequently Asked Questions about the Listed Issuer Financing Exemption
The Canadian Securities Administrators issued this notice to clarify the conditions for using the Listed Issuer Financing Exemption, including the recent Coordinated Blanket Order 45-935 which raises the maximum fundraising limit to $50 million. The guidance addresses issuer eligibility, specifically prohibiting use by defaulting issuers or those without listed equity securities, and details requirements for demonstrating sufficient available funds for 12 months. It further resolves questions regarding permissible security types, offering structures such as bought deals, and specific calculation methods for dilution limits and distribution caps.
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