On September 16, 2020, the TSX Venture Exchange (the “TSXV”) announced an extension to the temporary relief (the “Relief”) granted to issuers from the minimum pricing requirements set out in the TSXV Corporate Finance Manual (the “Manual”). The Relief, which was previously announced on April 8, 2020 in response to the hardship facing issuers at the outset of the COVID-19 pandemic, reduced the minimum price at which listed shares may be issued in private placements, public offerings, shares for debt transactions and as bonuses for loans or guarantees.

The Relief provides that if an issuer's Market Price (as defined in the Manual) is $0.05 or less, the minimum price at which the issuer is permitted to issue its Listed Shares (as defined in the Manual) is equal to the Market Price, subject to a minimum price of $0.01 per share. Before the Relief was granted, the minimum allowable issue price for Listed Shares was $0.05 per share. The Relief further provides that if the Market Price of an issuer's Listed Shares is greater than $0.05 per share, the minimum price at which that issuer is permitted to issue its Listed Shares remains equal to the Market Price less the existing allowable maximum discounts based on closing price, subject to a minimum price of $0.05 per share.

Prior to the extension, the Relief applied to Listed Shares that were issued on or before September 30, 2020. Following this extension, the Relief will apply to Listed Shares that are issued on or before December 31, 2020.

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