Tim Babcock (TSXV) discusses investor interest and valuations in the cleantech industry at MaRS on Nov. 19 as part of MaRS Best Practices Special Valuations Series in partnership with the TSX. Event information at http://www.marsdd.com/events/details.html?uuid=f2771438-817d-4554-aaa2-ef5f12edf6c6
MaRS Best Practices: Valuations in the biotech Industry - Raymond KingMaRS Discovery District
Speaker: Raymond King, Senior Manager, TSX/TSX Venture Exchange
Canada's biotechnology and cleantech communities have a history of developing world-leading technologies—but for these industries to grow, they must have access to new capital to fund research and development that will allow Canada to maintain its position as a world leader
Part of the MaRS Best Practices Series -
More information http://www.marsdd.com/events/details.html?uuid=8211fe27-3ce5-4a7d-b264-4c367fcd6b7f
HAND FUN!-Mar 7
• ESPN Launches Fantasy Baseball App
• Wynn Las Vegas Launches Wynn Mobile Sportsbook
• EA Sports Launches Upgrade to UFC App
• PokerStars Launches Real-money Online & Mobile Gambling in NJ
• Washingtonian Plastic Surgery Launches ModYourBod Preview App
• Big Fish Casino Launches Temple of the Money King Themed App
• Alchomy LLC Launches Drink App for iPhone
• Scientific Games Launches Upgraded Dragon Play Poker App
• MGM Resorts International, Inc. Offers Exclusive Keith Urban Concert Presale to M life Members
• Appbrain Top Android Apps
Sports Scores & Fantasy Sports
Music & Audio
Plastic Surgery
Social Casino Games
Adult Entertainment & Dating
• App Business Classifieds
MaRS Best Practices: Valuations in the biotech Industry - Raymond KingMaRS Discovery District
Speaker: Raymond King, Senior Manager, TSX/TSX Venture Exchange
Canada's biotechnology and cleantech communities have a history of developing world-leading technologies—but for these industries to grow, they must have access to new capital to fund research and development that will allow Canada to maintain its position as a world leader
Part of the MaRS Best Practices Series -
More information http://www.marsdd.com/events/details.html?uuid=8211fe27-3ce5-4a7d-b264-4c367fcd6b7f
HAND FUN!-Mar 7
• ESPN Launches Fantasy Baseball App
• Wynn Las Vegas Launches Wynn Mobile Sportsbook
• EA Sports Launches Upgrade to UFC App
• PokerStars Launches Real-money Online & Mobile Gambling in NJ
• Washingtonian Plastic Surgery Launches ModYourBod Preview App
• Big Fish Casino Launches Temple of the Money King Themed App
• Alchomy LLC Launches Drink App for iPhone
• Scientific Games Launches Upgraded Dragon Play Poker App
• MGM Resorts International, Inc. Offers Exclusive Keith Urban Concert Presale to M life Members
• Appbrain Top Android Apps
Sports Scores & Fantasy Sports
Music & Audio
Plastic Surgery
Social Casino Games
Adult Entertainment & Dating
• App Business Classifieds
Sämtliche offenen Ausbildungsprogramme führen wir auch als rmeninterne Veranstaltungen oder als Consultingleistungen für Unternehmer, ganze Führungsebenen, Teams oder Funktionsstufen durch. Daneben bieten wir zahlreiche weitere Themenbereiche firmenspezifisch an. Die Ausbildungsinhalte werden auf die Anforderungen und Bedürfnisse des Unternehmens angepasst und abgestimmt. Schulungen und Projekte können in deutscher, englischer, französischer oder spanischer Sprache im gesamten internationalen Raum statt nden.
• Scoompa Entertainment Launches Face Changer 2 App
• Vice Media Inc. Launches VICELAND App
• Featured App: Deify Laser & Beauty Lounge
• JustMobi LLC Launches Just Music Player App
• Datetix Limited Launches Dating App for iPhone
• Playtika Ltd/CIE Launches Upgrade of Slotomania Casino App
• MGM Resorts International, Inc. Offers Perfomance Presales to M life Members
• Appbrain Top Android Apps
Sports Scores & Fantasy Sports
Music & Audio
Plastic Surgery
Social Casino Games
Adult Entertainment & Dating
• App Business Classifieds
Paul Hatziyannis - Milestones of my DXN Career so farPaul Hatzigiannis
What happened the past 2 years in my MLM career. DXN is the company of a lifetime.
We have healed hundreds and followed by thousands.
I hope the same happens to you - if you are up for the challenge.
El Poder de la Perseverancia
La perseverancia es más importante que el talento, más poderosa que la inteligencia y más resistente que la mejor estrategia!
Y mientras que no todos podamos demostrar inteligencia, belleza o haber asistido a la mejor escuela. La perseverancia es algo que todos podemos demostrar.
Hay un dicho que dice: “ El que Persevera Alcanza “ y esto es por ser una gran Virtud y un prerrequisito para el Éxito.
Nunca, nunca, te des por vencido, lucha contra ti mismo y logra superar el autosabotaje.
Tu Acción del día de hoy es aprovechar el poder de la perseverancia y levantarte cada vez que caigas, enfrentar cada obstáculo y determinar si te estas enfrentando a un lección, a una prueba o a una oportunidad; en ocasiones el dar un paso atrás o retroceder un poco será el precio ha pagar en el camino al éxito, usa cada retroceso como una oportunidad para demostrar tu compromiso y resuélvelo.
MaRS Best Practices: Valuations in the biotech Industry - Raymond KingMaRS Discovery District
Speaker: Raymond King, Senior Manager, TSX/TSX Venture Exchange
Canada's biotechnology and cleantech communities have a history of developing world-leading technologies—but for these industries to grow, they must have access to new capital to fund research and development that will allow Canada to maintain its position as a world leader
Part of the MaRS Best Practices Series -
More information http://www.marsdd.com/events/details.html?uuid=8211fe27-3ce5-4a7d-b264-4c367fcd6b7f
VF2018: The convergence of tokenized offerings and global equity capital mar...Craig Asano
TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community. TMX Group is best known for its stock exchanges, Toronto Stock Exchange (TSX), which serves the senior equity markets, and TSX Venture Exchange (TSXV), which serves the public venture equity market. For more information, visit the company's website at www.tsx.com.
Going Public in Canada and Listing on the TSX and TSXV is intended as a summary overview of key issues only. Specific advice should be sought in connection with particular transactions.
Blake, Cassels & Graydon LLP produces regular reports and special publications on Canadian legal developments. For further information about these reports and publications, please contact Carolynn MacKinnon in our Toronto office by telephone at 416-863-2660 or by email at carolynn.mackinnon@blakes.com.
Sämtliche offenen Ausbildungsprogramme führen wir auch als rmeninterne Veranstaltungen oder als Consultingleistungen für Unternehmer, ganze Führungsebenen, Teams oder Funktionsstufen durch. Daneben bieten wir zahlreiche weitere Themenbereiche firmenspezifisch an. Die Ausbildungsinhalte werden auf die Anforderungen und Bedürfnisse des Unternehmens angepasst und abgestimmt. Schulungen und Projekte können in deutscher, englischer, französischer oder spanischer Sprache im gesamten internationalen Raum statt nden.
• Scoompa Entertainment Launches Face Changer 2 App
• Vice Media Inc. Launches VICELAND App
• Featured App: Deify Laser & Beauty Lounge
• JustMobi LLC Launches Just Music Player App
• Datetix Limited Launches Dating App for iPhone
• Playtika Ltd/CIE Launches Upgrade of Slotomania Casino App
• MGM Resorts International, Inc. Offers Perfomance Presales to M life Members
• Appbrain Top Android Apps
Sports Scores & Fantasy Sports
Music & Audio
Plastic Surgery
Social Casino Games
Adult Entertainment & Dating
• App Business Classifieds
Paul Hatziyannis - Milestones of my DXN Career so farPaul Hatzigiannis
What happened the past 2 years in my MLM career. DXN is the company of a lifetime.
We have healed hundreds and followed by thousands.
I hope the same happens to you - if you are up for the challenge.
El Poder de la Perseverancia
La perseverancia es más importante que el talento, más poderosa que la inteligencia y más resistente que la mejor estrategia!
Y mientras que no todos podamos demostrar inteligencia, belleza o haber asistido a la mejor escuela. La perseverancia es algo que todos podemos demostrar.
Hay un dicho que dice: “ El que Persevera Alcanza “ y esto es por ser una gran Virtud y un prerrequisito para el Éxito.
Nunca, nunca, te des por vencido, lucha contra ti mismo y logra superar el autosabotaje.
Tu Acción del día de hoy es aprovechar el poder de la perseverancia y levantarte cada vez que caigas, enfrentar cada obstáculo y determinar si te estas enfrentando a un lección, a una prueba o a una oportunidad; en ocasiones el dar un paso atrás o retroceder un poco será el precio ha pagar en el camino al éxito, usa cada retroceso como una oportunidad para demostrar tu compromiso y resuélvelo.
MaRS Best Practices: Valuations in the biotech Industry - Raymond KingMaRS Discovery District
Speaker: Raymond King, Senior Manager, TSX/TSX Venture Exchange
Canada's biotechnology and cleantech communities have a history of developing world-leading technologies—but for these industries to grow, they must have access to new capital to fund research and development that will allow Canada to maintain its position as a world leader
Part of the MaRS Best Practices Series -
More information http://www.marsdd.com/events/details.html?uuid=8211fe27-3ce5-4a7d-b264-4c367fcd6b7f
VF2018: The convergence of tokenized offerings and global equity capital mar...Craig Asano
TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community. TMX Group is best known for its stock exchanges, Toronto Stock Exchange (TSX), which serves the senior equity markets, and TSX Venture Exchange (TSXV), which serves the public venture equity market. For more information, visit the company's website at www.tsx.com.
Going Public in Canada and Listing on the TSX and TSXV is intended as a summary overview of key issues only. Specific advice should be sought in connection with particular transactions.
Blake, Cassels & Graydon LLP produces regular reports and special publications on Canadian legal developments. For further information about these reports and publications, please contact Carolynn MacKinnon in our Toronto office by telephone at 416-863-2660 or by email at carolynn.mackinnon@blakes.com.
Don Tapscott's New Solutions for a Connected Planet - MaRS Global LeadershipMaRS Discovery District
In this new age of networked intelligence, collaborative communities are enhancing and even bypassing crumbling institutions. We are innovating the way our financial institutions and governments operate; how we educate our children; how the healthcare, newspaper, and energy industries serve their customers; how we care for our neighbourhoods; and even how we solve global problems.
From his latest book, (co-author Anthony D. Williams) Macrowikinomics: New Solutions for a Connected Planet, Don Tapscott presents groundbreaking innovations from every corner of the globe: how businesses, organizations and individuals alike are using mass collaboration to revolutionize not only the way we work, but how we live, learn, create and care for each other.
SR&ED: What you need to know about the changing landscape - MaRS Best PracticesMaRS Discovery District
The Scientific Research and Experimental Development (SR&ED) tax incentive program provides support in the form of tax credits to groups or individuals conducting scientific research or experimental development in Canada.
Some significant changes are on the way as a result of the last federal budget. See how these new rules could affect you!
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
MaRS Best Practices: Valuations in the cleantech Industry - Tim Babcock
1. MaRS Best Practices
Series
Special
Valuation
Series
Nov. 12th, 2010
MaRS Best Practices
Special Valuation Series
Friday Nov 19th
12:00-1:30pm
Tim Babcock
Director, Listed Issuer Services
TSX Venture Exchange
Rupert Merer
Energy Technology Research Analyst
National Bank Financial (NBF)
Speakers:
More information and registration at
www.marsdd.com/bestpractices
2. MaRS
Tim Babcock, Director, Listed Issuer Services
TSX Venture Exchange
November 19, 2010
A Capital Opportunity for Clean Technology Companies
Listing on Toronto Stock Exchange and TSX Venture Exchange
4. 4
1. TSX and TSXV – The 3 Minute Overview
2. The Clean Technology Sector
3. Structure Tools for Entrepreneurial Finance
4. Case Studies
Outline
5. 5
(53.8% Ownership)
(47% Ownership)
(19.9% Ownership)
Data
Energy
Deriva-ves
Fixed Income
Equi-es
• Canada’s financial system has
been ranked as the soundest in
the world for two years in a row
by the World Economic Forum
• Lowest debt-to-GDP among G7
• Relatively strong financial
position:
– 12 years of surpluses
1998-2009
• Significant resource base
Strong fundamentals in Canada
TMX Group is a Multi-Asset Class Market Leader
(51% Ownership)
6. 6
General Conditions YTD September 2010: Key Markets
TSX/TSXV LSE/AIM
NYSE/AMEX
Euronext (US)
Nasdaq ASX
Hong Kong
Exchanges
Number of Issuers
Listed
3,628 2,978 2,314 2,805 1,966 1,365
Quoted Market Value
(US$ Billions)
1,867.6 3,467.6 12,278.4 3,480.7 1,318.6 2,536.0
New Listings 370 113 78 157 69 58
Equity Capital Raised
(US$ Billions)
32.6 41.1 66.9 4.7* 25.4 42.8
Value Traded
(US$ Billions)
993.2 2,123.3 13,794.6 9,998.0 786.1 1,027.6
Broad Stock Market
Indexes (%Change
over Sept 30 2009)
8.5% 8.9% 5.4% 11.6% -2.2% 7.0%
*NASDAQ Information does not include secondary financings
Source: Exchange Websites, World Federation of Exchanges, (TMX analysis of public information)
7. 7
TMX Group’s Equity Exchanges Support a Diverse Issuer Base
Number of Issuers by Sector
Includes issuers on Toronto Stock Exchange and TSX Venture Exchange (100% = 3628)
As at September 30 2010
8. 8
Access to Capital: 2009 was an all time record year
for financing on TSX
*TSX Venture Exchange commenced operations on November 29 1999
Toronto Stock Exchange and TSX Venture Exchange
Total Financings (C$Billions) 1999 – 2010 September
9. 9
2,143 companies
27 graduates in YTD Sept 2010
20 graduates in 2009
45 graduates in 2008
1,485 companies
TSX Venture Exchange
• Access to capital for earlier stage companies
or smaller financings
• Total market cap of $48.5 Billion & average
market cap of $22.6MM
• Cost effective stepping stone for international
companies looking to list on a quality North
American market
• Exchange mandate to mentor management of
newly public companies
• Streamlined graduation to TSX when senior
market requirements are met
• 103 year history
Toronto Stock Exchange
• Senior market for well established
businesses and management teams with
experience in public markets
• Total market cap of $1.9 Trillion & average
market cap of $1.3B
• 30% of TSX issuers >$500M are interlisted
on a US exchange
• Access to larger, more international
institutional investors and greater analyst
coverage
• Globally visible specialized indices
• 157 year history
Unique Equity Market Structure
10. 10
TMX Group Serves Companies at all Stages of Growth
Market Capitalization
Toronto Stock Exchange and TSX Venture Exchange
Unique feeder system
478
graduates
+ 93 M&A*
*From January 1, 2000 – September 30, 2010
10
Toronto Stock Exchange issuer base: 1,485 issuers, ~$1.9 trillion market cap
TSX Venture Exchange issuer base (excludes NEX): 2,143 issuers, ~$48.5 billion market cap
As at September 30, 2010
473
Issuers
549
Issuers
463
Issuers
1922
Issuers 191
30
Issuers
11. 11
TMX Group Global Leadership Strengths
All data is as of or YTD September 30, 2010
1480 issuers
55% of the world’s public
mining companies
140 going public events
$9.8 B equity raised
$305 B value traded
128 issuers
Number one in the world by
number of public clean
technology companies
8 going public events
$1.1 B equity raised
$7.6 B value traded
3628 issuers
370 going public events
$33.7 B equity raised
Average Financing:
TSX $51.9 M
TSXV $3.5 M
468 issuers
Over 35% of the world’s
public oil and gas companies
44 going public events
$8.2 B equity raised
$204 B value traded
Mining
Energy & Energy Services
Clean Technology
12. 12
1. TSX and TSXV – The 3 Minute Overview
2. The Clean Technology Sector
3. Structure Tools for Entrepreneurial Finance
4. Case Studies
Outline
13. 13
Clean Technology Market on TSX and TSXV
128
Companies
30% of TSX Issuers
in the Sector
Graduated TSXV
$17B
Total Market Cap
$1.1B
Equity Capital Raised
As at and YTD Sept 30 2010
8
New Listings
14. 14
Clean Technology Financing by Subsector
As at and YTD Sept 30 2010
Of the $1B+ in equity capital raised year to date this is how the funds have broken down by
subsector on TSX ($943M) and TSXV ($152M)
15. 15
Strong Growth in Key Market Metrics
Analyst Coverage
Avg. Analyst Coverage for Clean Technology
Companies by Market Cap
Strong analyst coverage combined with growth in trading and liquidity provides posiMve
market fundamentals for Clean Technology companies to finance and grow.
Market Capitalization (C$ Millions)
150-500 >100050-150<50 500-1000
Source: Capital IQ, June 2010
Volume of Shares Traded
Millions of Shares Traded in the Clean Technology Sector
2005 20092007 20082006
16. 16
TSX Venture 50® - Clean Technology Top 10
TOP 10 CLEAN TECHNOLOGY COMPANIES
341%
One-year Average Market Cap Growth
236%
Average ROI in 2009
542 Million
Volume of Shares Traded in 2009
2
Average number of analysts covering the Top 10
TSX Venture 50® is
a ranking of strong performers on TSX
Venture Exchange.
These emerging companies have seen
tremendous growth over the past year,
offered remarkable return to their
shareholders, are actively traded in the
market and are well-covered by the
analyst community. In short, they have
proven themselves to be the rising stars of
Canada's public markets.
17. 17
CONSTITUENTS
Algonquin Power & Utilities
Corp. (AQN)
ATS Automation Tooling Systems
Inc. (ATA)
Azure Dynamics Corporation (AZD)
Ballard Power Systems Inc. (BLD)
Boralex Inc. (BLX)
Boralex Power Income Fund (BPT.UN)
Brookfield Renewable Power
Fund (BRC.UN)
Burcon NutraScience Corporation (BU)
Cascades Inc. (CAS)
Capital Power Income LP (CPA.UN)
5N Plus Inc. (VNP)
Westport Innovations Inc. (WPT)
S&P/TSX Clean Technology Index
Launched in
March 2010
The S&P/TSX Clean
Technology Index
Measures the
performance of
companies listed on
TSX that generate
upwards of 50% of
their revenue from
products or services
focused on reducing
or eliminating
negative ecological
impacts, while at the
same time
improving the
productive and
responsible use of
natural resources.
GLV Inc. (GLV.A)
Innergex Renewable Energy Inc. (INE)
Macquarie Power & Infrastructure Income
Fund (MPT.UN)
Magma Energy Corp (MXY)
Newalta Corporation (NAL)
Northland Power Income Fund (NPI.UN)
Plutonic Power Corporation (PCC)
Ram Power Corp. (RPG)
RuggedCom Inc. (RCM)
Tembec Inc. (TMB)
WaterFurnace Renewable Energy Inc.
(WFI)
18. 18
1. TSX and TSXV – The 3 Minute Overview
2. The Clean Technology Sector
3. Structure Tools for Entrepreneurial Finance
4. Case Studies
Outline
19. 19
Benefits of Going Public
Access capital and
future financing
opportunities
Facilitate
growth
Increase visibility
and prestige
Provide liquidity
for shareholders
Create employee
incentive
mechanism
21. 21
Capital Pool Company™ (CPC) Program has a Strong Track Record
Since inception:
• Over 2095 CPCs were created
• 80% have completed their QT – over
1660 companies
• 332 TSXV Graduates now trade on TSX
• 96 of the grads were CPCs
• 7 of 9 new Clean Technology listings in
2009 were QTs
• A new clean CPC shell has none of the
hidden costs of a shell with previous
operating history
22. 22
Benefits of the CPC Program for Small Companies
1. Cash on the Balance Sheet;
2. Potential to identify Directors and Long-term Investors;
3. At least 200 Public Shareholders to create liquidity;
4. Listing Process can be faster and less costly.
24. 24
24
Seed Financing
• seed financing of the company by 3-5 Founders/Directors
CPC IPO
• a prospectus offering to create a corporate vehicle with
public distribution
Qualifying Transaction (QT)
• a target business is identified, disclosed and acquired
Aftermarket and Growth
• company trades and executes its business plan
Capital Pool Company: Milestones
26. 26
26
Considerations for a Qualifying Transaction:
• Significant growth opportunity & reason to be public
• Strong & coachable management
• Capital needs: $2+ Million
• Close to or at commercialization
• Meets minimum listing and audit requirements
• Stock options and acquisition currency
• Strong market appetite
• 12 to 18 month cash requirements (can be financed)
Selecting a QT Candidate
27. 27
27
Consider this…
Success Factors:
• Lots of cash on closing
• Market interest and
understanding
• Deliver in short term post
closing
• Reasonable valuation – not
always maximum valuation
Potential Pitfalls:
• Listing requirements shortfalls
• Insufficient cash/working
capital on closing
• Valuation versus escrow
regime (TSXV Policy 5.4)
• PIFs - timing and impact on
circular
29. 29
29
Consider this…
Success Factors:
• Press release clarity / quality
• Broker management and
support
• Timely disclosure against
published milestones (good
and bad)
Potential Pitfalls:
• Orphan status
• Mistrust of management’s
willingness to communicate
• Market fluctuations
30. 30
Toronto Stock Exchange and TSX Venture Exchange listing
fees are competitive
Min and Max Initial Fees (C$000s)
*There is no maximum fee. Market cap of $1B was used for illustration purposes
**NYSE has a USD $500,000 cap on listing fees per issuer, per year
***Does not include NOMAD fees
NB: For international companies, TSX initial listing fees max out at $150K
Source: TSX analysis of exchange listing fee documents.
As at August 25, 2010
79
42
Min and Max Sustaining Fees (C$000s)
31. 31
TSX and TSX Venture Exchange Estimated Listing Costs
Toronto Stock Exchange TSX Venture Exchange
Listing Fees $10,000 - $200,000 $7,500 - $40,000
Accounting and Auditing Fees $75,000 - $100,000 $25,000 - $100,000
Legal Fees $400,000 - $750,000 $75,000+
Underwriter’ commission 4 – 6% Up to 12%
Other fees to consider include:
• Securities Commissions fee
• Transfer agency fees
• Investor relations costs
• Geological or engineering reports
• Printing and translation costs
• Valuation reports
• Director and Officer liability insurance
32. 32
1. TSX and TSXV – The 3 Minute Overview
2. The Clean Technology Sector
3. Structure Tools for Entrepreneurial Finance
4. Case Studies
Outline
33. 33
BioExx Specialty Proteins Ltd.
Technology company focused on the extraction of oil and high-value proteins from
oilseeds for the global food market.
#1 Ranked Clean Technology Company and “Pick of the Street” - 2010 Venture 50TM
Date of Listing Graduated from TSX Venture Exchange to Toronto Stock Exchange on January 22, 2010
Market
Capitalization
$273.1 million as of June 30, 2010
Analyst Coverage 7 Canadian Analysts / 1 US Analyst (Source: CapitalIQ)
Financing, Price &
Trading Volume
History
(Sept’06 – June’10)
*(Source: Capital IQ)
BXI
34. 34
Catch the Wind
Based in Manassas, Virginia, Catch the Wind develops, manufactures, and sells laser
based wind sensor systems for the wind power generation industry in the United States.
One of the Top 10 Clean Technology companies – 2010 Venture 50TM
Date of Listing
Listed on TSX Venture Exchange through the CPC Program on April 3, 2007
Completed Qualifying Transaction on September 23, 2008
Financings
$5.2 million by Private Placement in April 2010
$21.8 million by Private Placement in May 2009
$15.7 million raised at time of Qualifying Transaction in September 2008
Market
Capitalization
$86.3 Million as of June 30, 2010 based on 57.5 million shares outstanding
Analyst Coverage 4 Canadian Analysts (Source: Capital IQ)
Price and Trading
Volume
(Sept’08 – June’10)
*(Source: Capital IQ)
CTW
35. 35
China
Annie Tao
416 947-4273
annie.tao@tmx.com
Diversified Industries
Raymond King
416 947-4675
raymond.king@tmx.com
United States
Tala Zarbafi
416 947-4636
tala.zarbafi@tmx.com
Energy
Cindy Gray
403 218-2822
cindy.gray@tmx.com
Mining
Greg Ferron
416 947-4477
greg.ferron@tmx.com
Clean Technology
Robert Peterman
416 947-4305
robert.peterman@tmx.com