The Ontario Securities Commission has reported that a total of $88.6 billion was raised in Ontario’s exempt market in 2019, with around 96% ($85.3 billion) of that coming from institutions. Individual investors accounted for nearly 4% ($3.3 billion). Individual investors also made most of their investments in equity and other non-debt securities (70%), whereas most of the institutional capital went to debt financings (56%).

1. P A N G E A
C A N A D A ' S P R I V A T E F A M I L Y W E A L T H F I R M
P R I V A T E W E A L T H
w w w . p a n g e a p r i v a t e w e a l t h . c o m
A guide for PANGEA Private Wealth clients
A guide for PANGEA Private Wealth clients
TM
TM
Accredited
Accredited Eligible
Eligible Non-elgible
Non-elgible
Investors
Investors Investors
Investors Investors
Investors
October 2021

2. C O N T E N T S
D E F I N I N G
PUBLIC VS. PRIVATE MARKETS
PAGE 3
W H A T ' S Y O U R
ACCREDITED INVESTOR STATUS?
PAGE 4
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PANGEA Private Wealth
TM
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A C C E S S I N G P R I V A T E M A R K E T S
WITH PANGEA
PAGE 7
A R E Y O U A N
ELIGIBLE INVESTOR?
PAGE 5
L E A R N M O R E
CONTACT US
PAGE 8

3. P U B L I C P R I V A T E
D E F I N I N G P U B L I C V S . P R I V A T E C A P I T A L M A R K E T S
S t o c k m a r k e t s
B o n d m a r k e t s
C o m m o d i t i e s m a r k e t s
D e r i v a t i v e s m a r k e t s
P u b l i c m a r k e t s a r e a t y p e o f m a r k e t p l a c e
w h e r e b u s i n e s s e s g o t o r a i s e m o n e y t o
g r o w t h e i r b u s i n e s s a n d i n v e s t o r s g o t o
m a k e m o n e y .
I n t h e p u b l i c m a r k e t s , c o m p a n i e s s e l l
a s s e t s s u c h a s b o n d s, s t o c k s , c u r r e n c y ,
a n d d e r i v a t i v e s t o t h e g e n e r a l p o p u l a t i o n .
I n v e s t o r s p u r c h a s e a n d s e l l t h e s e a s s e t s
o n p u b l i c l y a c c e s s i b l e s t o c k e x c h a n g e s .
P u b l i c e q u i t y , h e l d d i r e c t l y o r i n d i r e c t l y ,
i s t y p i c a l l y a c o r e i n v e s t m e n t a l l o c a t i o n
f o r r e t a i l i n v e s t o r s , p e n s i o n f u n d s , a n d
o t h e r i n s t i t u t i o n a l i n v e s t o r s .
T y p e s o f p u b l i c f i n a n c i a l m a r k e t s i n c l u d e :
a p p r o x i m a t e l y 3 , 2 0 0 i s s u e r s r e p o r t e d
$ 8 8 . 6 b i l l i o n i n c a p i t a l r a i s e d f r o m
a p p r o x i m a t e l y 3 5 , 2 0 0 O n t a r i o i n v e s t o r s
t h r o u g h p r o s p e c t u s e x e m p t
d i s t r i b u t i o n s
i n s t i t u t i o n a l i n v e s t o r s a c c o u n t e d f o r
9 6 . 3 % o f t o t a l c a p i t a l r a i s e d , w h i l e 3 . 7 %
w a s r a i s e d t h r o u g h i n d i v i d u a l i n v e s t o r s
9 5 % o f g r o s s p r o c e e d s w e r e r a i s e d
u s i n g t h e “ a c c r e d i t e d i n v e s t o r ”
e x e m p t i o n a n d 9 0 % o f i s s u e r s r e l i e d o n
t h e “ a c c r e d i t e d i n v e s t o r ” e x e m p t i o n
T h e e x e m p t m a r k e t d e s c r i b e s a s e c t i o n o f
C a n a d a ’ s c a p i t a l m a r k e t s w h e r e s e c u r i t i e s
c a n b e s o l d w i t h o u t t h e p r o t e c t i o n s
a s s o c i a t e d w i t h a p r o s p e c t u s . T h i s s e c t i o n
o f t h e c a p i t a l m a r k e t s i s a l s o k n o w n a s
t h e P r i v a t e C a p i t a l M a r k e t .
I n 2 0 1 9 :
vs.
CFA Institute. CAPITAL FORMATION: THE EVOLVING ROLE OF PUBLIC AND PRIVATE MARKETS. (2018).
DOI: https://www.cfainstitute.org/-/media/documents/article/position-paper/capital-formation.ashx
Corporate Finance Institute. (2019, November 20). Financial markets - Overview, types, and functions.
DOI: https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/financial-markets/
McKinsey’s private markets annual review. (2021, April 21). McKinsey & Company.
DOI: https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/mckinseys-private-markets-annual-review
PUBLIC
PRIVATE
The exempt market. (n.d.). Ontario Securities Commission.
DOI: https://www.osc.ca/en/industry/companies/selling-securities-ontario/exempt-market
Private placement trends: OSC publishes report on exempt market activity. (n.d.). McCarthy Tétrault.
DOI: https://www.mccarthy.ca/en/insights/blogs/canadian-securities-regulatory-monitor/private-placement-trends-osc-publishes-report-exempt-
market-activity
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PANGEA Private Wealth
TM
Page 3 of 8

4. A C C E S S I N G C A N A D I A N
P R I V A T E
C A P I T A L
M A R K E T S
N e t i n c o m e b e f o r e t a x e s o f m o r e t h a n $ 2 0 0 , 0 0 0
i n e a c h o f t h e t w o m o s t r e c e n t c a l e n d a r y e a r s
a n d e x p e c t e d n e t i n c o m e o f m o r e t h a n $ 2 0 0 , 0 0 0
i n t h e c u r r e n t c a l e n d a r y e a r .
N e t i n c o m e b e f o r e t a x e s c o m b i n e d w i t h a s p o u s e
o f m o r e t h a n $ 3 0 0 , 0 0 0 i n e a c h o f t h e t w o m o s t
r e c e n t c a l e n d a r y e a r s a n d e x p e c t e d c o m b i n e d
n e t i n c o m e o f m o r e t h a n $ 3 0 0 , 0 0 0 i n t h e c u r r e n t
c a l e n d a r y e a r .
F i n a n c i a l a s s e t s , a l o n e o r w i t h a s p o u s e , o f a t
l e a s t $ 1 m i l l i o n b e f o r e t a x e s b u t n e t o f r e l a t e d
l i a b i l i t i e s . F i n a n c i a l a s s e t s i n c l u d e c a s h a n d b a n k
d e p o s i t s b u t n o t t h e v a l u e o f a h o u s e .
N e t a s s e t s , a l o n e o r w i t h a s p o u s e o f a t l e a s t $ 5
m i l l i o n . N e t a s s e t s g e n e r a l l y i n c l u d e a l l o f y o u r
a s s e t s a f t e r s u b t r a c t i n g y o u r d e b t .
T h e a c c r e d i t e d i n v e s t o r p r o s p e c t u s e x e m p t i o n
a l l o w s p r i v a t e c o m p a n i e s t o s e l l t h e i r s e c u r i t i e s t o
i n d i v i d u a l s w h o h a v e :
C o m p a n i e s c a n a l s o s e l l t h e i r s e c u r i t i e s t o p e n s i o n
f u n d s , c h a r i t i e s a n d c e r t a i n o t h e r e n t i t i e s u n d e r t h e
e x e m p t i o n .
T h e r e a r e n o l i m i t s o n h o w m u c h a c c r e d i t e d
i n v e s t o r s c a n i n v e s t .
WHAT'S YOUR
ACCREDITED INVESTOR
STATUS?
A C C R E D I T E D I N V E S T O R S T A T U S
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INCOME TEST
ASSET TEST
$200,000 +
$1,000,000 +
NET INCOME
NET FINANCIAL ASSETS
PANGEA Private Wealth
TM
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5. N e t a s s e t s , a l o n e o r w i t h a s p o u s e , e x c e e d i n g
$ 4 0 0 , 0 0 0 .
N e t i n c o m e b e f o r e t a x e x c e e d i n g $ 7 5 , 0 0 0 i n t h e
p r e v i o u s t w o c a l e n d a r y e a r s , w i t h a n
e x p e c t a t i o n t o e x c e e d t h a t l e v e l i n t h e c u r r e n t
y e a r .
N e t i n c o m e , a l o n e o r w i t h a s p o u s e , e x c e e d i n g
$ 1 2 5 , 0 0 0 i n t h e p r e v i o u s t w o c a l e n d a r y e a r s ,
w i t h a n e x p e c t a t i o n t o e x c e e d t h a t l e v e l i n t h e
c u r r e n t y e a r .
T h e p u r c h a s e p r i c e f o r a l l s e c u r i t i e s p u r c h a s e d
u n d e r t h e e x e m p t i o n i n t h e 1 2 m o n t h s b e f o r e
t h e p u r c h a s e c a n n o t b e m o r e t h a n $ 3 0 , 0 0 0
F o r i n v e s t o r s w h o r e c e i v e a d v i c e f r o m a
p o r t f o l i o m a n a g e r , i n v e s t m e n t d e a l e r o r e x e m p t
m a r k e t d e a l e r t h a t a n i n v e s t m e n t a b o v e
$ 3 0 , 0 0 0 i s s u i t a b l e , t h e p r i c e f o r a l l t h e
s e c u r i t i e s p u r c h a s e d b y t h e i n v e s t o r u n d e r t h e
e x e m p t i o n i n t h e 1 2 m o n t h s b e f o r e t h e p u r c h a s e
c a n n o t b e m o r e t h a n $ 1 0 0 , 0 0 0 .
T o q u a l i f y a s a n e l i g i b l e i n v e s t o r , y o u m u s t h a v e :
Li m i t s o n t h e a m o u n t s y o u c a n i n v e s t a s a n
e l i g i b l e i n v e s t o r :
ARE YOU
AN ELIGIBLE
INVESTOR ?
A C C E S S I N G C A N A D I A N
P R I V A T E
C A P I T A L
M A R K E T S
E L I G I B L E I N V E S T O R S T A T U S
w w w . p a n g e a p r i v a t e w e a l t h . c o m
INCOME TEST
$75,000 +
NET INCOME
ASSET TEST
$400,000 +
NET FINANCIAL ASSETS
PANGEA Private Wealth
TM
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6. T h e p u r c h a s e p r i c e f o r a l l s e c u r i t i e s p u r c h a s e d
u n d e r t h e e x e m p t i o n i n t h e 1 2 m o n t h s b e f o r e
t h e p u r c h a s e c a n n o t b e m o r e t h a n $ 1 0 , 0 0 0 .
A n i n v e s t o r t h a t d o e s n o t m e e t t h e d e f i n i t i o n o f a n
e l i g i b l e i n v e s t o r i s a n o n - e l i g i b l e i n v e s t o r . A n o n -
e l i g i b l e i n v e s t o r c a n a l s o b u y s e c u r i t i e s u n d e r t h e
e x e m p t i o n h o w e v e r , n o n - e l i g i b l e i n v e s t o r s a r e
s u b j e c t t o l o w e r i n v e s t m e n t l i m i t s t h a n e l i g i b l e
i n v e s t o r s i n s o m e j u r i s d i c t i o n s .
F o r n o n - e l i g i b l e i n v e s t o r s :
OPTIONS FOR
NON-ELIGIBLE
INVESTORS
A C C E S S I N G C A N A D I A N
P R I V A T E
C A P I T A L
M A R K E T S
N O N - E L I G I B L E I N V E S T O R
S T A T U S
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MAXIMUM
$10,000
EVERY 12 MONTHS
Ontario Securities Commission. (2021, August 30). Types of prospectus exemptions. GetSmarterAboutMoney.ca.
DOI: https://www.getsmarteraboutmoney.ca/protect-your-money/investor-protection/regulation-in-canada/types-of-prospectus-
exemptions/
The Exempt Market in Canada: Empirics, Observations and Recommendations | The School of Public Policy. (n.d.). Www.policyschool.ca.
DOI: https://www.policyschool.ca/publications/exempt-market-canada-empirics-observations-and-recommendations/
British Columbia Securities Commission. (n.d.). Private & early stage businesses. BCSC.
DOI: https://www.bcsc.bc.ca/industry/issuer-regulation/raising-capital/private-early-stage-businesses
Autorité des marchés financiers, & Gariepy, M. (n.d.). Prospectus exemptions: What you need to know | by the AMF. Autorité des marchés financiers.
DOI: https://lautorite.qc.ca/en/general-public/investments/funds/prospectus/prospectus-exemptions
Canadian Securities Administrators. (2021, September 9). Resources.
DOI: https://www.securities-administrators.ca/resources/
PANGEA Private Wealth
TM
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7. Our PANGEA Exempt
Market Dealer Platform
provides access to
investments in the
following sectors:
A C C E S S I N G
A C C E S S I N G
P R I V A T E
P R I V A T E
M A R K E T S
M A R K E T S
W I T H
W I T H
P A N G E A
P A N G E A
E X E M P T M A R K E T D E A L E R
E X E M P T M A R K E T D E A L E R
I N V E S T M E N T O P T I O N S I N
I N V E S T M E N T O P T I O N S I N
C A N A D A
C A N A D A
FINANCIAL SERVICES
MINING
OIL AND GAS
REAL ESTATE
HIGH-TECH
UTILITIES
INDUSTRIAL
BIOTECH
FORESTRY
FARMING
Contact us to learn more:
click here
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Page 7 of 8

8. C O N T A C T U S
TM
PANGEA Private Wealth
w w w . p a n g e a p r i v a t e w e a l t h . c o m
Declan Winston Ramsaran
Managing Director
PANGEA Private Family Offices
C: 416-414-9892
O: 416-915-4165
E: declan.ramsaran@pangeafamilyoffices.com
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PANGEA
WEBSITE
PANGEA
THOUGHT LEADERSHIP
PANGEA
WEBFORM
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"At PANGEA, we believe that a family wealth strategy should consider both
the quantitative and qualitative elements of family life supported by a team
commanding mastery in various disciplines."
- Declan Winston Ramsaran, Managing Director
PANGEA Private Family Offices