Going Public in Canada

Table of Contents

1. About Stikeman Elliott
   Stikeman Elliott is recognized nationally and internationally for the sophistication of its business law practice and is a leader in each of its core practice areas.
   
   

2. Introduction
   Deciding to "go public" by offering equity securities to the public and generally obtaining a stock exchange listing is often one of the key decisions facing a business.

3. The Going Public Decision
   There are advantages and disadvantages to being a public company, and an issuer wishing to list its securities for trading upon the TSX must comply with rules of the TSX and meet certain listing requirements.

4. Stock Exchange Listing Requirements
   As a practical matter, in an IPO, a stock exchange listing for the securities qualified by the prospectus must generally always be obtained.

5. Timing Considerations
   A timetable for an IPO of securities by a Canadian corporation is provided as a guide.

6. Preparing to go Public
   The going public process can be complex and time-consuming, with numerous issues to address within tight time frames.

7. The Prospectus Process
   An initial public offering of securities of an issuer is the conventional way of "going public" in Canada and, generally, in the absence of an exemption, no "distribution" may be made except pursuant to a prospectus.

8. Life After Going Public
   After becoming a reporting issuer, a public entity and its directors, officers, employees and other related persons face a number of new obligations.

9. Certain Tax Consequences of Becoming a Public Corporation
   Certain income tax considerations are relevant in the context of a private corporation going public.

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