Amendments to the Canadian Securities Exchange (CSE) policies took effect April 3, 2023 (the Amendments). The Amendments are broad and significant in that they create a two-tier exchange having two categories of listed issuers: non-venture issuers (NV Issuers) and all other listed issuers (collectively, Listed Issuers). A NV Issuer is a Listed Issuer identified by the CSE as an NV Issuer based upon it meeting one of the four eligibility tests set out below. The identification of NV Issuers is at the CSE’s discretion but issuers will be consulted. NV Issuers, as senior issuers, will be subject to more stringent continuous disclosure and governance requirements than other CSE-listed issuers. These include shorter deadlines for filing financial statements, required filing of an annual information form (an AIF), mandatory majority voting for the election of directors and a lower threshold for security holder approval of transactions.

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