TSX Venture Exchange (TSXV) Listing Requirements

TSX Venture Exchange (TSXV)

The TSX Venture Exchange (TSXV) is a Canadian public market focused on venture and growth-stage companies. It is widely used by companies in mining, energy, technology, life sciences and other emerging sectors that are seeking access to public capital and a platform for future growth. Companies can also review TMX’s current TSX and TSXV listing guides for exchange materials and current listing information.

For a company considering going public in Canada, the TSXV can provide a practical route to the public markets where the company is suited to the Exchange’s requirements and has an appropriate financing, management team and business plan.

TSXV Tier 1 and Tier 2

The TSXV has two listing tiers. Tier 1 is generally intended for more advanced issuers, while Tier 2 accommodates earlier-stage companies that meet the applicable minimum requirements.

The correct tier is determined by the company’s industry, assets, financial position, stage of development and other factors. It is not simply a matter of choosing the lower or higher tier.

TSXV Listing Requirements

TSX Venture Exchange listing requirements vary by industry category and tier, and meeting the minimum criteria does not by itself guarantee acceptance. Companies can reach the TSXV through routes such as an IPO, reverse takeover, CPC Qualifying Transaction or other approved listing process, with the transaction also requiring appropriate disclosure, financial information, public distribution and exchange review.

TSXV Policy 2.1 sets the Exchange’s Initial Listing Requirements. The specific requirements depend on the issuer’s industry and whether it will be listed as a Tier 1 or Tier 2 issuer.

At a high level, the Exchange considers matters such as:

• the company’s business, assets or qualifying property;
• working capital and financial resources;
• management and board experience;
• public distribution and capital structure;
• audited financial statements and required disclosure; and
• industry-specific requirements, including technical reports or work programs where applicable.

Mining, oil and gas, technology, industrial, life sciences and other issuers are not evaluated under one universal financial test. A company should therefore assess the requirements that apply to its specific business rather than rely on a generic TSXV checklist.

How Companies List on the TSXV

There are several established routes to a TSXV listing. These include an Initial Public Offering (IPO), a Reverse Takeover (RTO), and a Capital Pool Company (CPC) Qualifying Transaction. An existing reporting issuer may also be able to pursue a direct listing in appropriate circumstances.

The right route depends on the company’s current structure, financing requirements, financial statements, shareholder distribution and the transaction opportunities available to it.

The TSXV Listing Process

TSXV Policy 2.3 governs the listing procedures. In practical terms, management needs to coordinate the corporate, legal, audit, financing and exchange workstreams so the company can demonstrate that the resulting issuer satisfies the applicable listing requirements.

The Exchange reviews the application and supporting disclosure and may ask questions or require additional information before granting final acceptance. Good preparation at the beginning can make the process more efficient and reduce avoidable issues later.

TSXV Sponsorship Requirement Removed

The TSX Venture Exchange removed its Sponsor requirement effective March 31, 2026. Policy 2.2, the Sponsor Report and related sponsorship forms were removed from the TSXV Corporate Finance Manual.

This does not eliminate the importance of investment dealer involvement where a company requires financing, shareholder distribution or market support. It means that sponsorship is no longer a separate TSXV listing requirement.

Capital Pool Companies and the TSXV

The Capital Pool Company program is unique to the TSXV and provides another established route for private companies. A CPC is already listed and seeks an operating business with which to complete a Qualifying Transaction.

For the right company, a CPC transaction can be considered alongside an IPO or conventional RTO when evaluating how to access the TSXV.

Is the TSXV Right for Your Company?

The TSXV can be well suited to companies that are ready for the public markets but do not require, or do not yet meet, the profile of a senior exchange listing. The decision should take into account the company’s industry, stage of development, financing needs, management team, shareholder distribution and longer-term capital-markets objectives.

A Going Public Management Consultant (GPMC) can help management assess the appropriate TSXV Tier and listing route, coordinate the legal, audit, financing, shareholder-distribution and exchange workstreams, and keep the transaction moving through the listing process. GoPublicInCanada.com can review the company’s current position, compare the available Canadian exchanges and going-public structures, and help coordinate the path to market. If you are considering a TSXV listing, contact us before committing to a structure so we can assess the likely Tier, listing route, financing and shareholder-distribution requirements, transaction readiness and the practical steps required to move forward.