National Mineral Policy 2006 - Department of Mines

Table 7.2: Minimum Listing Requirements for Mining Companieson Toronto Venture ExchangeTier 1 Tier 2Net Tangible Assets $2,000,000 No requirementProperty or ReservesMaterial interest in a Tier-1propertySignificant interest in a qualifying propertyor at the discretion of the Exchange, holdrights to earn a significant interest in thequalifying propertyPrior expenditures No requirement $100,000 on the qualifying property in last 3years by applicant issuer or sufficientexpenditures incurred such that the propertyis a Tier-1 propertyRecommended workprogrammeWorking capital andfinancial resources$500,000 on the Tier-1 property(as recommended by GeologicalReport)Adequate for: work programme+ 18 months G&A + 18 monthsproperty payments to keep Tier-1 property and exploration‘principal properties’ in goodstanding + $100,000 unallocated$200,000 on the qualifying property (asrecommended by Geological Report)Adequate working capital and financialresources including: work programme + 12months G&A + 12 months propertypayments to keep qualifying property and‘principal properties’ in good standing+$100,000 unallocatedEarnings or revenue No requirement No requirementDistribution, marketcapitalisation, andpublic floatOther criteria$1,000,000 held by publicshareholders,1,000,000 free trading publicshares,200 public shareholders with aBoard Lot and no resalerestrictions,10% public float, minimum20% of issued and outstandingshares in the hands of publicshareholdersGeological Reportrecommending completion ofwork programme or positivefeasibility study or productionlevels exhibiting a likelihood ofpositive cash flow. ProgrammeSponsor Report may be required500,000 public free trading shares,$500,000 held by public shareholders,200 public shareholders with a Board Lotand no resale restrictions,10% public float, minimum20% of issued and outstanding shares in thehands of public shareholdersGeological Report recommendingcompletion of work programme.Sponsor Report may be required.Note: G&A: General and Administration.Source: TSX Venture Exchange Policy Corporate Finance Manual - Policy 2.1, available athttp://www.tsx.com/en/listings/venture_issuer_resources/finance_manual.html.138