Listed Issuer Financing Exemption

On November 21, 2022, the Listed Issuer Financing Exemption came into force. This new prospectus exemption for issuers listed on a Canadian stock exchange aims to provide a more efficient way for raising capital. Issuers using this exemption may annually raise up to the greater of $5 million or 10 per cent of the issuer’s market capitalization, to a maximum of $10 million. Securities issued under the exemption will be freely tradeable.

On May 14, 2025, the BC Securities Commission and all other Canadian jurisdictions published substantively harmonized relief from certain conditions of the exemption through coordinated blanket orders. Issuers using the blanket order may raise the greater of $25 million and 20 per cent of the aggregate market value of the issuer’s listed securities to a maximum of $50 million in a 12-month period.

Related Links

• NI 45-106 PART 5A: Listed Issuer Financing Exemption
• Form document 45-106F19 - Listed Issuer Financing Document
• 45-935 - CSA Notice Regarding Coordinated Blanket Order Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption [CSA Notice]
• 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption [CSA Coordinated Blanket Order]
• 45-330 - Frequently Asked Questions about the Listed Issuer Financing Exemption (Revised) [CSA Staff Notice]