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Listing Requirements for Industrial, Technology and
Research & Development Companies (TSX)

The listing requirements above must be met at the time of listing. Any funds raised or transactions closing concurrent with listing contribute to the company meeting the listing requirements.

(1) Generally includes companies engaged in hardware, software, telecommunications, data
communications, information technology and new technologies that are not currently profitable
or able to forecast profitability.

(2) Applicants should file a complete set of forecast financial statements covering the current and/or
next fiscal year (on a quarterly basis). Forecasts must be accompanied by an independent auditor’s
opinion that the forecast complies with the CICA Auditing Standards for future-oriented financial
information. Applicants should have at least six months of operating history.

(3) Under certain circumstances, deferred development charges or other intangible assets can be
included in net tangible asset calculations.

(4) Companies with less than $2 million in net tangible assets may qualify for listing if the earnings
and cash flow requirements for senior companies are met.

(5) “G&A” means general and administration expenses.

(6) A quarterly projection of sources and uses of funds, for the relevant period, including related
assumptions signed by the CFO must be submitted. Projection should exclude uncommitted
payments from third parties or other contingent cash receipts. R&D issuers should exclude cash
flows from future revenues.

(7) Exceptional circumstances may justify granting of a listing, notwithstanding minimum
requirements – generally an affiliation with established business and/or exceptionally strong
financial position is required.

(8) (7), as well as for granting Exempt status. Special purpose issuers are generally considered on an
exceptional basis.

(9) “Advanced stage of development or commercialization,” generally restricted to historical
revenues from the issuer’s current business or contracts for future sales. Other factors may also
be considered.

(10) Other relevant factors may also be considered.

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